Exhibit
$\begin{array}{ccc}
\text{Price per gallon} & \begin{array}{c}
\text{Quantity Demanded }\
\text{(thousands of gallons)}
\end{array} & \begin{array}{c}
\text{Quantity Supplied} \
\text{of ga soline }\
\text{(thousands of gallons)}
\end{array} \
\hline\$ 4.50 & 600 & 2,000 \
\$ 4.25 & 700 & 1,900 \
\$ 4.00 & 800 & 1,800 \
\$ 3.75 & 950 & 1,700 \
\$ 3.50 & 1,200 & 1,600 \
\$ 3.25 & 1,500 & 1,500 \
\$ 3.00 & 1,800 & 1,400 \
\$ 2.75 & 2,100 & 1,300 \
\$ 2.50& 2,400 & 1,200
\end{array}$
-Refer to Exhibit. If the government imposes a $2.50 price ceiling:

Question

Exhibit
 $\begin{array}{ccc} 
\text{Price per gallon} & \begin{array}{c} 
\text{Quantity Demanded }\
\text{(thousands of gallons)}
\end{array} & \begin{array}{c} 
\text{Quantity Supplied} \
\text{of ga soline }\
\text{(thousands of gallons)}
\end{array} \
\hline\$ 4.50  & 600 & 2,000 \
\$ 4.25  & 700 & 1,900 \
\$ 4.00 & 800 & 1,800 \
\$ 3.75 & 950 & 1,700 \
\$ 3.50  & 1,200 & 1,600 \
\$ 3.25  & 1,500 & 1,500 \
 \$ 3.00  & 1,800 & 1,400 \
\$ 2.75 & 2,100 & 1,300 \
\$ 2.50& 2,400 & 1,200
\end{array}$
-Refer to Exhibit. If the government imposes a $2.50 price ceiling:

Quizplus · Accepted Answer

At a price ceiling of $2.50, the quantity demanded is 2,400,000 gallons, while the quantity supplied is only 1,200,000 gallons. This results in a shortage of 1,200,000 gallons.

Exhibit -Refer to Exhibit