Figure 6-26

-Refer to Figure 6-26.A price ceiling set at $30 would create a shortage of 20 units.

Name: Figure 6-26 -Refer to Figure 6-26.A price ceiling set at $30 would create a shortage of 20 units.
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Question

Figure 6-26
 
-Refer to Figure 6-26.A price ceiling set at $30 would create a shortage of 20 units.

Quizplus · Accepted Answer

A price ceiling creates a shortage only if it is set below the equilibrium price. Without knowing the equilibrium price and quantity, we cannot determine if a price ceiling at $30 would create a shortage of 20 units.

Figure 6-26 -Refer to Figure 6-26.A Price Ceiling Set at $30 Would