The equilibrium price of crab claws is $19 per pound. What would be a price ceiling in the market for crab claws that would cause a shortage?

Name: The equilibrium price of crab claws is $19 per pound. What would be a price ceiling in the market for crab claws that would cause a shortage?
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Question

Quizplus · Accepted Answer

A price ceiling set below the equilibrium price, such as $18, would cause a shortage because the quantity demanded would exceed the quantity supplied at that price.

The Equilibrium Price of Crab Claws Is $19 Per Pound