Reference: Ref 8-3 (Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be:
A) a shortage of 15 units.
B) a surplus of 15 units.
C) a supply of 20 units.
D) no effect on the market.

Question

Reference: Ref 8-3 (Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be:
A) a shortage of 15 units. 
B) a surplus of 15 units. 
C) a supply of 20 units. 
D) no effect on the market.

Quizplus · Accepted Answer

The Answer of  Reference: Ref 8-3 (Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be:
A) a shortage of 15 units. 
B) a surplus of 15 units. 
C) a supply of 20 units. 
D) no effect on the market.

Reference: Ref 8-3 (Figure: Government Price Controls) Refer to the Figure