Which of the following statements is FALSE? Select one: a. The rationing function of prices is not allowed to freely operate when the government imposes price controls. b. Price controls may take the form of price ceilings or price floors. c. Rent controls are examples of price floors. d. Price ceilings below the equilibrium price can cause black markets to develop.

Jaxon Hamilton 2022-07-28 Answered
Which of the following statements is FALSE?
Select one:
a. The rationing function of prices is not allowed to freely operate when the government imposes price controls.
b. Price controls may take the form of price ceilings or price floors.
c. Rent controls are examples of price floors.
d. Price ceilings below the equilibrium price can cause black markets to develop.
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Answers (1)

Raul Garrett
Answered 2022-07-29 Author has 14 answers
Step 1
1) The false statement is : The rationing function of prices is not allowed to freely operate when the government imposes price controls.
Step 2
2) We know that, C / 5 = ( F 32 ) / 9
Putting F = 104 we get, C / 5 = ( 104 32 ) / 9
i.e., C / 5 = 72 / 9
i.e., C / 5 = 8
i.e., C = 5 8
i.e., C = 40
Therefore, 40 C is equivalent to 104 F
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