What will result from a binding price ceiling in the computer market

Name: What will result from a binding price ceiling in the computer market
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A binding price ceiling sets the price limit below the market equilibrium price. In the computer market, this would mean that the price of computers would be below the equilibrium price, resulting in a higher quantity demanded than the quantity supplied, leading to a shortage of computers.

What Will Result from a Binding Price Ceiling in the Computer