-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A)price ceiling has been set at P₁.
B)price floor has been set at P₁.
C)price ceiling has been set at P₂.
D)price floor has been set at P₂.

Question

-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A)price ceiling has been set at P₁. 
B)price floor has been set at P₁. 
C)price ceiling has been set at P₂. 
D)price floor has been set at P₂.

Quizplus · Accepted Answer

The Answer of 
-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A)price ceiling has been set at P₁. 
B)price floor has been set at P₁. 
C)price ceiling has been set at P₂. 
D)price floor has been set at P₂.

-Refer to the Above Figure