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Price of Gasoline 20 Price Celling Quantity of Gasoline Refer to Figure 6-4. With a price ceiling present in this market, wharlwill happen when the supply curve for ga shifts from $1 to $22 The market price will stay at P1 due to the price ceiling. A surplus will occur at the new market price of P2. A shortage will occur at the price ceiling of P2 The price will increase to P3 Quantity demanded will remain at Q1 due to the price ceiling.

Price of Gasoline 20 Price Celling Quantity of Gasoline Refer to Figure 6-4. With a price ceiling present in this market, wharlwill happen when the supply curve for ga shifts from $1 to $22 The market price will stay at P1 due to the price ceiling. A surplus will occur at the new market price of P2. A shortage will occur at the price ceiling of P2 The price will increase to P3 Quantity demanded will remain at Q1 due to the price ceiling.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Price of 1 Gasoline d Price Celling Quantity of Gasoline Refer to Figure 6-4. With a price ceiling present in this market, wharlwill happen when the supply curve for ga shifts from $1 to $22 The market price will stay at P1 due to the price ceiling. A surplus will occur at the new market price of P2. A shortage will occur at the price ceiling of P2. The price will increase to P3 Quantity demanded will remain at Q1 due to the price ceiling
Transcribed Image Text:Price of 1 Gasoline d Price Celling Quantity of Gasoline Refer to Figure 6-4. With a price ceiling present in this market, wharlwill happen when the supply curve for ga shifts from $1 to $22 The market price will stay at P1 due to the price ceiling. A surplus will occur at the new market price of P2. A shortage will occur at the price ceiling of P2. The price will increase to P3 Quantity demanded will remain at Q1 due to the price ceiling
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