Price ceiling is set below the current market price

Reference no: EM13686126

Presume a price ceiling is set below the current market price. If the goal of the price ceiling is to reduce total expenditures, it will be successful

1. If the percentage change is price is greater than the percentage change in quantity.

2. If the percentage change is price is less than the percentage change in quantity.

3. If the percentage change is price is equal to the percentage change in quantity.

4. Under all circumstances. Price ceilings always lower total spending.

5. If the markets remains in equilibrium.

Reference no: EM13686126

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