If a price ceiling is imposed on oranges, the result would be:
A) a new equilibrium price and quantity would be established
B) the quantity of oranges would be less than the quantity supplied
C) the quantity of oranges demanded would be greater than the quantity supplied
D) there would be a surplus of oranges

Question

Quizplus · Accepted Answer

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

If a Price Ceiling Is Imposed on Oranges, the Result