1.00 0.90 0.80 0.70 0.60 Supply 0.50 0.40 0.30 Demand 0.20 0.10 50 100 150 200 250 350 400 300 Suppose that a price ceiling of $0.30 is imposed on this market. Which of the following is true? a. the ceiling is non-binding Ob. there is a shortage of 150 Oc. there is an excess supply of 150 d. there is a shortage of 100 units
1.00 0.90 0.80 0.70 0.60 Supply 0.50 0.40 0.30 Demand 0.20 0.10 50 100 150 200 250 350 400 300 Suppose that a price ceiling of $0.30 is imposed on this market. Which of the following is true? a. the ceiling is non-binding Ob. there is a shortage of 150 Oc. there is an excess supply of 150 d. there is a shortage of 100 units
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 7SCQ: What is the effect of a price ceiling on the quantity demanded of the product? What is the effect of...
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