If the equilibrium price of aspirin is $2.50 and a price ceiling is imposed at $3.00, the market will have a(n):

Question

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If the equilibrium price of aspirin is $2.50 and a price ceiling is imposed at $3.00, the market will still operate at the original equilibrium price of $2.50, as the ceiling price is higher than the original price. Therefore, there will be no shortage or surplus, and there will not be an accumulation of inventories. The market will continue to operate at its original equilibrium point.

If the Equilibrium Price of Aspirin Is $2