Which of the following statement is true about binding price ceiling? (a) The shortage created by the price ceiling is greater in the short run compared to long run. (b) The surplus created by the price ceiling is greater in the short run compared to long run. (c) The shortage created by the price ceiling is greater in the long run compared to short run. (d) The surplus created by the price ceiling is greater in the long run compared to short run.

Which of the following statement is true about binding price ceiling? (a) The shortage created by the price ceiling is greater in the short run compared to long run. (b) The surplus created by the price ceiling is greater in the short run compared to long run. (c) The shortage created by the price ceiling is greater in the long run compared to short run. (d) The surplus created by the price ceiling is greater in the long run compared to short run.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 6P

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