Figure 6-26

-Refer to Figure 6-26.A price ceiling set at $70 would create a shortage of 40 units.

Question

Figure 6-26
 
-Refer to Figure 6-26.A price ceiling set at $70 would create a shortage of 40 units.

Quizplus · Accepted Answer

It is not possible to determine the exact quantity of shortage based on the graph provided. The graph only shows the equilibrium quantity and price without indicating the specific demand and supply curves. Therefore, it is not possible to accurately predict the quantity of shortage that would result from a price ceiling of $70.

Figure 6-26 -Refer to Figure 6-26.A Price Ceiling Set at $70 Would