-Refer to the diagram above.Assume that a price ceiling is imposed at point G,i.e. ,the price is now represented by the distance 0G.The distance ______ measures the extent of the resulting __________.

Question

Quizplus · Accepted Answer

The distance FI measures the extent of the resulting shortage because a price ceiling set below the equilibrium price leads to a higher quantity demanded than supplied, creating a shortage.

-Refer to the Diagram Above