If a price ceiling of $8 were placed in the market in the graph shown:

Name: If a price ceiling of $8 were placed in the market in the graph shown:
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Question

Quizplus · Accepted Answer

At a price ceiling of $8, the quantity demanded would be 17, while the quantity supplied would only be 4. This would create a shortage of 23 units (17-4=13). Therefore, choice (C) is correct. There would be a shortage of 23 units, not 7, 15 or 8.

If a Price Ceiling of $8 Were Placed in the Market