-Refer to Exhibit 4-1.Some buyers will offer sellers $7 per unit instead of the $6 price ceiling because
A) $7 is closer to the equilibrium price and buyers prefer equilibrium prices to all others.
B) they think it is only fair for sellers to receive higher prices.
C) they want to increase their chances of buying a good for which there is a shortage.
D) it is customary to pay more than the price ceiling.

Question

-Refer to Exhibit 4-1.Some buyers will offer sellers $7 per unit instead of the $6 price ceiling because
A) $7 is closer to the equilibrium price and buyers prefer equilibrium prices to all others. 
B) they think it is only fair for sellers to receive higher prices. 
C) they want to increase their chances of buying a good for which there is a shortage. 
D) it is customary to pay more than the price ceiling.

Quizplus · Accepted Answer

Buyers may offer sellers $7 per unit instead of the $6 price ceiling to increase their chances of obtaining a good when there is a shortage, as a higher offer makes it more likely for them to secure the product in a competitive market.