Use the following to answer question:
-(Figure: The Market for Economics Textbooks)Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _____ of _____ textbooks.
A)surplus;30
B)surplus;10
C)shortage;30
D)shortage;10

Question

Use the following to answer question: 
-(Figure: The Market for Economics Textbooks)Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _____ of _____ textbooks.
A)surplus;30 
B)surplus;10 
C)shortage;30 
D)shortage;10

Quizplus · Accepted Answer

A price ceiling set below the equilibrium price leads to a shortage because the quantity demanded exceeds the quantity supplied.

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