Figure 6-8

-Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S₁ to S₂, the resulting quantity of gasoline that is bought and sold is

Question

Figure 6-8
Figure 6-8 -Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is A) less than Q3. B) Q3. C) between Q1 and Q3 D) at least Q1.

Figure 6-8 -Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S<sub>1</sub> to S<sub>2</sub>, the resulting quantity of gasoline that is bought and sold is A) less than Q<sub>3</sub>. B) Q<sub>3.</sub> C) between Q<sub>1</sub> and Q<sub>3</sub> D) at least Q<sub>1</sub>.

-Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S₁ to S₂, the resulting quantity of gasoline that is bought and sold is

Quizplus · Accepted Answer

When a price ceiling is enforced and the supply curve shifts, the quantity of gasoline bought and sold is constrained by the price ceiling and cannot exceed the quantity that was available at the price ceiling before the shift. Therefore, it is less than the quantity that would be bought and sold without the price ceiling in place after the shift.

Figure 6-8 -Refer to Figure 6-8. When the Price Ceiling Is Enforced