Suppose that government imposed a binding price ceiling on some good and subsequently demand for the good increased . Which of the following would be true ? O a. Quantity exchanged would increase O b. Quantity exchanged would remain the same O c. Quantity exchanged would decrease O d. Amount of excess supply would increase. B. A market outcome will be efficient only if consumers and producers share the economic surplus equally . O. True O. False

Suppose that government imposed a binding price ceiling on some good and subsequently demand for the good increased . Which of the following would be true ? O a. Quantity exchanged would increase O b. Quantity exchanged would remain the same O c. Quantity exchanged would decrease O d. Amount of excess supply would increase. B. A market outcome will be efficient only if consumers and producers share the economic surplus equally . O. True O. False

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 10PA

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