-In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $3 per book. At this price, the quantity of books supplied to the market will be

Question

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A price ceiling set below the equilibrium price ($6) at $3 will result in a quantity supplied that is less than the equilibrium quantity (3 million books) because suppliers are less willing to supply at a lower price. This leads to a shortage, where the quantity demanded exceeds the quantity supplied.

-In the Above Figure, the Equilibrium Price of a Paperback