Not just misleading. An applaince with a 20A plug has the potential of drawing up to 20 amps. More likely it is under 20, like 14-18. So having an applaince or tool that draws 15 or 16 amps will load a 15a circuit to or just over capacity for who knows how long. No, a 15A breaker will not trip at 16 amps, at least not for a long time.
But a 15A receptacle CAN be used on a 20A circuit, IF there is more than one.
Oh, my goodness no. Breakers trip on a time-current curve. The greater the magnitude of the overcurrent, the quicker the breaker will trip. For instance, a hard short will trip pretty much instantly. A 22 amp overcurrent on a 20 amp breaker will go on for hours and hours. A 40 amp overcurrent may last for a couple minutes. Every breaker has an associated “trip curve” published by the manufacturer. Here’s a one-page .PDF of a Square D QO breaker trip curve:
Huh? Who said anything about a MWBC?
If there is more than one “receptacle” on a circuit, and a duplex receptacle is considered two in this case, then you CAN use 15A receptacles on a 20A circuit. Simple as that.
Attached is a copy of the NEC table on receptacle ratings. Note that as previously mentioned for a 20A circuit you can install either 20A receptacles, or 15A receptacles as long as there is more than one. But for a 15A circuit, only 15A receptacles should be installed …