If the equilibrium price of compact discs is $12, but a price ceiling of $9 is imposed, there is likely to be a surplus of compact discs.

Name: If the equilibrium price of compact discs is $12, but a price ceiling of $9 is imposed, there is likely to be a surplus of compact discs.
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Quizplus · Accepted Answer

A price ceiling set below the equilibrium price typically leads to a shortage, not a surplus, because the lower price increases quantity demanded while decreasing quantity supplied.

If the Equilibrium Price of Compact Discs Is $12, but a Price