Figure: Price Ceiling Reference: Ref 8-1 (Figure: Price Ceiling) Refer to the figure. If a price ceiling were set at $12, there would be a:

Question

Figure: Price Ceiling  Reference: Ref 8-1 (Figure: Price Ceiling) Refer to the figure. If a price ceiling were set at $12, there would be a:

Quizplus · Accepted Answer

At the price ceiling of $12, the quantity demanded is equal to the quantity supplied, meaning there would be zero shortage or surplus. This can be seen as the intersection of the demand and supply curve occurs at this price point.