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Figure: The Market for Economics Textbooks
-(Figure: The Market for Economics Textbooks) Look at the figure The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _____ of _____ textbooks.
A) surplus; 30
B) surplus; 10
C) shortage; 30
D) shortage; 10

Question

Use the following to answer questions:
Figure: The Market for Economics Textbooks 
-(Figure: The Market for Economics Textbooks) Look at the figure The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _____ of _____ textbooks.
A) surplus; 30 
B) surplus; 10 
C) shortage; 30 
D) shortage; 10

Quizplus · Accepted Answer

A price ceiling of $40 is below the equilibrium price, leading to a shortage of 30 textbooks as the quantity demanded exceeds the quantity supplied.

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