The table given below reports the quantity demanded and supplied of a commodity at different prices in a market. Table 3.5

-Refer to Table 3.5.
If government imposes a price ceiling of $2:

Question

The table given below reports the quantity demanded and supplied of a commodity at different prices in a market. Table 3.5

-Refer to Table 3.5.
If government imposes a price ceiling of $2:

Quizplus · Accepted Answer

At a price ceiling of $2, the quantity demanded exceeds the quantity supplied. Thus, a shortage will result equal to 20 units, as demand is 100 units and supply is 80 units at this price.

The Table Given Below Reports the Quantity Demanded and Supplied