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-Refer to Exhibit 4-3

Question 31

Multiple Choice

-Refer to Exhibit 4-3.If price P<sub>2</sub> is a price ceiling,then A) there is a shortage in the market for good X. B) the highest price that can legally be charged in this market is P<sub>3</sub>. C) the price at which exchange legally takes place in the market for good X is P<sub>2</sub>. D) the quantity exchanged is less than the quantity demanded. E) all of the above
-Refer to Exhibit 4-3.If price P2 is a price ceiling,then


A) there is a shortage in the market for good X.
B) the highest price that can legally be charged in this market is P3.
C) the price at which exchange legally takes place in the market for good X is P2.
D) the quantity exchanged is less than the quantity demanded.
E) all of the above

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