Exhibit 4-11 Refer to Exhibit 4-11. Suppose that the government imposes a price ceiling in the market for good ABC at a price of $4. The result of the price ceiling would be a ____________ of ______ units of good ABC.

Question

​Exhibit 4-11  Refer to Exhibit 4-11.  Suppose that the government imposes a price ceiling in the market for good ABC at a price of $4.  The result of the price ceiling would be a ____________ of ______ units of good ABC.

Quizplus · Accepted Answer

At a price of $4, the quantity supplied is 20 units and the quantity demanded is 80 units. Therefore, there is a shortage of 60 units (80-20).

​Exhibit 4-11 Refer to Exhibit 4-11

Exhibit 4-11 Refer to Exhibit 4-11