Figure 6-28Supply764Price CeilingDemand1306090120150180210 240QUANTITYRefer to Figure 6-2. The price ceilinga. causes a shortage of 60 units of the good.b.makes it necessary for sellers to ration the good using a mechanism other than price.Oc. is not binding because it is set below the equilibrium price.d. causes a shortage of 30 units of the good.PRICE

Figure 6-2 8 Supply 7 6 4 Price Ceiling 3 Demand 1 30 60 90 120 150 180 210 240 QUANTITY Refer to Figure 6-2. The price ceiling a. causes a shortage of 60 units of the good. O b. makes it necessary for sellers to ration the good using a mechanism other than price. O c.is not binding because it is set below the equilibrium price. O d. causes a shortage of 30 units of the good. PRICE

Figure 6-2 8 Supply 7 6 4 Price Ceiling 3 Demand 1 30 60 90 120 150 180 210 240 QUANTITY Refer to Figure 6-2. The price ceiling a. causes a shortage of 60 units of the good. O b. makes it necessary for sellers to ration the good using a mechanism other than price. O c.is not binding because it is set below the equilibrium price. O d. causes a shortage of 30 units of the good. PRICE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 10
a. Select the price at which a shortage would occur in this market 200 T Price $ 1504 100 50+ 0 0 20 D Supply 40 60 Quantity in Units Demand 80 100
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