Figure 6-5
-Refer to Figure 6-5.When a certain price control is imposed on this market,the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P₂ dollars per unit for that quantity.If P₁ - P₂ = $3,then the price control in question is

Question

Figure 6-5

-Refer to Figure 6-5.When a certain price control is imposed on this market,the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P₂ dollars per unit for that quantity.If P₁ - P₂ = $3,then the price control in question is

Quizplus · Accepted Answer

The price control in question is either a price ceiling of $2.00 or a price floor of $5.00 because the difference between the maximum price buyers are willing to pay and the minimum price sellers are willing to accept is $3.

Figure 6-5 -Refer to Figure 6-5.When a Certain Price Control Is Imposed