Post Utme Skyline University 2017 Economics Question 5

Practice objective / multiple choice question 5 from the 2017 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2017 Economics Objective / Multiple Choice
Question 5 POST_UTME_SKYLINE_UNIVERSITY • 2017 • ECONOMICS • objective

U\sing the concept of supply and demand, explain why a price ceiling can lead to a shortage in a perfectly competitive market.

Answer Options

Correct Answer A. Because the price ceiling is set below the equilibrium price.
B. Because the price ceiling is set above the equilibrium price.
C. Because the price ceiling is set equal to the equilibrium price.
D. Because the price ceiling is not set at all.
Correct Answer
A
Correct Option:
Because the price ceiling is set below the equilibrium price.

About This Question

This is Post Utme Skyline University 2017 Economics Question 5. It is one of the objective questions from the 2017 Post Utme Skyline University Economics examination.

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