Figure 6-3
-Refer to Figure 6-3.If the government imposes a price ceiling of $8 on this market,then there will be a

Question

Figure 6-3 
-Refer to Figure 6-3.If the government imposes a price ceiling of $8 on this market,then there will be a

Quizplus · Accepted Answer

At a price of $8, the quantity demanded is 60 and the quantity supplied is 40, resulting in a shortage of 20 (60-40=20). The price ceiling prevents the market from reaching equilibrium and causes a shortage, as the quantity demanded exceeds the quantity supplied at the imposed price.

Figure 6-3 -Refer to Figure 6-3.If the Government Imposes a Price Ceiling