121) choose the correct option: 1.If the equilibrium price of petrol is Rs.1.00 per litre and the government places a price ceiling on petrol of Rs.1.50 per litre, the result will be a s

122) choose the correct option:1.The shortage of housing caused by a binding rent control is likely to be more severe in the long run when compared to the short run. 2.The minimum wage helps all teenager

123) choose the correct option: 1.A price ceiling that is not a binding constraint today could cause a shortage in the future if demand were to increase and raise the equilibrium price above the fixed price ceiling.

124) choose the correct option:1.The ultimate burden of a tax falls most heavily on the side of the market that is less elastic 2.If medicine is a necessity, the burden of a tax on medicine will probably fall more heavily on the buyers of medicine.

125) choose the correct option:1.A tax collected from buyers has an equivalent impact to a same size tax collected from sellers. 2.A tax creates a tax wedge between a buyer and a seller. This causes the price paid by the buyer to rise, the price recei