Answer
C
Work Step by Step
An increase in the ceiling for a biding price will increase the price. As price increase the quantity supplied increases and the quantity demanded reduces.
Principles of Macroeconomics 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
1-28516-591-8
ISBN 13:
978-1-28516-591-2
Chapter 6 - Supply, Demand, and Government Policies - Quick Check Multiple Choice - Page 129: 2
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