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.

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