The table shows the market for school uniforms. Suppose that the government wishes to make school uniforms affordable and implements a price ceiling at $60.
$$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Price } \
\text { (\$) }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Demanded (thousands) }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Supplied (thousands) }
\end{array} \
\hline 50 & 140 & 60 \
\hline 60 & 120 & 80 \
\hline 70 & 100 & 100 \
\hline 80 & 80 & 120 \
\hline 90 & 60 & 140 \
\hline
\end{array}$$ (a) What was the equilibrium price before the ceiling was implemented?
(b) Does the price ceiling causes a surplus or a shortage? Of how much?

Question

The table shows the market for school uniforms. Suppose that the government wishes to make school uniforms affordable and implements a price ceiling at $60.
 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Price } \
\text { (\$) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded (thousands) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied (thousands) }
\end{array} \
\hline 50 & 140 & 60 \
\hline 60 & 120 & 80 \
\hline 70 & 100 & 100 \
\hline 80 & 80 & 120 \
\hline 90 & 60 & 140 \
\hline
\end{array}$$ (a) What was the equilibrium price before the ceiling was implemented?
(b) Does the price ceiling causes a surplus or a shortage? Of how much?

Quizplus · Accepted Answer

The Answer of The table shows the market for school uniforms. Suppose that the government wishes to make school uniforms affordable and implements a price ceiling at $60.
 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Price } \
\text { (\$) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded (thousands) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied (thousands) }
\end{array} \
\hline 50 & 140 & 60 \
\hline 60 & 120 & 80 \
\hline 70 & 100 & 100 \
\hline 80 & 80 & 120 \
\hline 90 & 60 & 140 \
\hline
\end{array}$$ (a) What was the equilibrium price before the ceiling was implemented?
(b) Does the price ceiling causes a surplus or a shortage? Of how much?

The Table Shows the Market for School Uniforms (A) What Was the Equilibrium Price Before the Ceiling Was