Figure 6-8

-Refer to Figure 6-8.If the government imposes a price ceiling of $2 on this market,then there will be

Name: Figure 6-8 -Refer to Figure 6-8.If the government imposes a price ceiling of $2 on this market,then there will be
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Question

Figure 6-8
 
-Refer to Figure 6-8.If the government imposes a price ceiling of $2 on this market,then there will be

Quizplus · Accepted Answer

At a price of $2, there will be excess demand of 60 units (Qd-Qs = 120-60 = 60). This means that there will be a shortage of 60 units of the good if the government imposes a price ceiling of $2 on this market.

Figure 6-8 -Refer to Figure 6-8.If the Government Imposes a Price Ceiling