A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price.

A binding price ceiling (i) causes a surplus. (ii) causes a shortage.

A、

(ii) only

(iv) only

(i) and (iii) only

(ii) and (iv) only

A price ceiling set above the equilibrium price causes a surplus in the market.

A legal minimum price is set which is below the equilibrium price. What will be the impact of this?

A、Excess of demand over supply
B、Excess of supply over demand
C、Nothing

If the price of a good is above the equilibrium price,

A、there is a surplus and the price will rise
B、there is a surplus and the price will fall
C、there is a shortage and the price will rise
D、there is a shortage and the price will fall
E、the quantity demanded is equal to the quantity supplied and the price remains unchanged