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1. Which of the following are true about the results of a binding price ceiling and rent control?

1. Which of the following are true about the results of a binding price ceiling and rent control? . Long lines Inefficient market Inefficient allocation of resources Discrimination Bribery Rationing based on market prices 1,2,3 only All except 6 All of the above.

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1. Which of the following are true about the results of a binding price ceiling and rent control?

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  1. 1. Which of the following are true about the results of a binding price ceiling and rent control? • Long lines • Inefficient market • Inefficient allocation of resources • Discrimination • Bribery • Rationing based on market prices • 1,2,3 only • All except 6 • All of the above

  2. 2. Which of the following is true of the free market? • The market rations goods based on the market price • The allocation of resources is inefficient and personal • The allocation of resources is efficient and impersonal • All of the above • 1 and 2 • 1 and 3

  3. 3. Which of the following is true about the results of a binding price floor? • Sellers are able to sell all they want at the market price • Sellers who use bias are better able to sell their goods than those who do not. • 1 and 2

  4. 4. A. Draw market for ice cream in equilibrium with a non binding price floor. Label Qe, Pe, PFB. Price of frozen yogurt decreases. (show the effect so that the non binding price floor becomes binding) Label Pe1, Qe1, Qs, Qd • Enter answer text...

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