Quantity Quantity Price ($) Demanded Supplied 21 1 18 4 15 8. 3 12 12 4. 9. 16 6. 20 24 7 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c. If the government set a price floor at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? Activat d. If the government set a price floor at $2, would there be a shortage or surplus, and how Set large would be the shortage/surplus? 1.

Quantity Quantity Price ($) Demanded Supplied 21 1 18 4 15 8. 3 12 12 4. 9. 16 6. 20 24 7 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c. If the government set a price floor at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? Activat d. If the government set a price floor at $2, would there be a shortage or surplus, and how Set large would be the shortage/surplus? 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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