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Figure 4-14 Figure 4-14 Depicts the Milk Market

Question 206

Multiple Choice

Figure 4-14 Figure 4-14 Figure 4-14 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true? A) In equilibrium, the quantity demanded is 800 gallons. B) At the ceiling price, there is a surplus. C) The quantity demanded at the price ceiling will equal the quantity supplied. D) The equilibrium price would be $1 per unit without the price ceiling. E) The quantity sold will be 500 gallons. Figure 4-14 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?


A) In equilibrium, the quantity demanded is 800 gallons.
B) At the ceiling price, there is a surplus.
C) The quantity demanded at the price ceiling will equal the quantity supplied.
D) The equilibrium price would be $1 per unit without the price ceiling.
E) The quantity sold will be 500 gallons.

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