Exhibit 4.8

-In the Exhibit given below, which of the following is true at the price ceiling, P?

Question

Exhibit 4.8
 
-In the Exhibit given below, which of the following is true at the price ceiling, P?

Quizplus · Accepted Answer

At a price ceiling, the price is set below the equilibrium price, leading to a higher quantity demanded than quantity supplied. This creates a shortage, or excess demand, not excess supply. The specific numbers (300 gallons) would depend on the details provided in the exhibit, which are not visible here, but the concept of excess demand at a price ceiling is correct.

Exhibit 4.8 -In the Exhibit Given Below, Which of the Following Is