Figure 6-1

-Refer to Figure 6-1.In which panel(s)of the figure would there be a shortage of the good at the ceiling price?

Question

Figure 6-1
 
-Refer to Figure 6-1.In which panel(s)of the figure would there be a shortage of the good at the ceiling price?

Quizplus · Accepted Answer

In panel (b), the quantity demanded at the ceiling price (Qd1) exceeds the quantity supplied (Qs1), resulting in a shortage of the good. In panel (a), the quantity supplied at the ceiling price (Qs1) exceeds the quantity demanded (Qd1), so there would not be a shortage.

Figure 6-1 -Refer to Figure 6-1.In Which Panel(s)of the Figure Would There