Suppose the market clearing price is $15 and the price ceiling is $17. The price that prevails in the market will be
A) $17.
B) $15.
C) less than $15.
D) more than $17.

Question

Quizplus · Accepted Answer

The market clearing price is already below the price ceiling of $17, so there is no need for a change in price. Therefore, the price that prevails in the market will remain at $15.

Suppose the Market Clearing Price Is $15 and the Price