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Figure 6-4 -Refer to Figure 6-4.Suppose a Price Ceiling of $4.50 Is

Question 53

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Figure 6-4
Figure 6-4 -Refer to Figure 6-4.Suppose a price ceiling of $4.50 is imposed.As a result, A) there is a shortage of 15 units of the good. B) the demand curve will shift to the left so as to now pass through the point (Q = 35, P = $4.50) . C) the situation is very much like the one created by a binding minimum wage. D) the quantity of the good that is bought and sold is the same as it would have been had a price floor of $7.50 been imposed.
-Refer to Figure 6-4.Suppose a price ceiling of $4.50 is imposed.As a result,


A) there is a shortage of 15 units of the good.
B) the demand curve will shift to the left so as to now pass through the point (Q = 35, P = $4.50) .
C) the situation is very much like the one created by a binding minimum wage.
D) the quantity of the good that is bought and sold is the same as it would have been had a price floor of $7.50 been imposed.

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