Question

a price ceiling imposed on a monopoly may multiple choice lead to no shortage. lead to a shortage. drive the monopolist out of business. drive the monopolist out of business or lead to either a shortage or no shortage.

Answer 1

A price ceiling imposed on monopoly will lead to all, i.e., lead to a shortage, no shortage and drive the monopolist out of business.

A price ceiling is the maximum amount that a seller is permitted to charge for a product or service. Price ceilings, which are typically set by law, are typically applied to staples such as food and energy products when such goods become unaffordable to regular consumers.

A price ceiling is, in essence, a form of price control. Price ceilings can be beneficial in making essentials affordable, at least temporarily. However, economists question whether such ceilings are beneficial in the long run. Price ceilings are typically imposed on consumer staples such as food, gas, or medicine, often following a crisis or specific event that causes costs to skyrocket.

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