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Figure 6-4 -Refer to Figure 6-4.Without the Price Ceiling in This Market

Question 28

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Figure 6-4 -Refer to Figure 6-4.Without the price ceiling in this market for gasoline,what will happen to the price when the supply curve shifts from S₁ to S₂

Figure 6-4
Figure 6-4 -Refer to Figure 6-4.Without the price ceiling in this market for gasoline,what will happen to the price when the supply curve shifts from S₁ to S₂ A) It will increase to P₃, but a shortage will still exist. B) It will increase to P₃ and the market will clear. C) It will remain at P₁ and a shortage will still exist. D) It will eventually move to P₂ without government assistance.
-Refer to Figure 6-4.Without the price ceiling in this market for gasoline,what will happen to the price when the supply curve shifts from S₁ to S₂


A) It will increase to P₃, but a shortage will still exist.
B) It will increase to P₃ and the market will clear.
C) It will remain at P₁ and a shortage will still exist.
D) It will eventually move to P₂ without government assistance.

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