Table 6-1 Quantity Quantity Price Demanded Supplied $20 2400 b $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to Table 6-1. Suppose the government imposes a price ceiling of $40 on this market. What will be the size of the shortage in this market? Select one: O a. 0 units b. 400 units O c. 1200 units O d. 1600 units

Table 6-1 Quantity Quantity Price Demanded Supplied $20 2400 b $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to Table 6-1. Suppose the government imposes a price ceiling of $40 on this market. What will be the size of the shortage in this market? Select one: O a. 0 units b. 400 units O c. 1200 units O d. 1600 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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