Figure 6-12
-Refer to Figure 6-12. When the price ceiling applies in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is

Question

Figure 6-12 
-Refer to Figure 6-12. When the price ceiling applies in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is

Quizplus · Accepted Answer

When the supply curve shifts from S1 to S2, the new equilibrium point is at point E2 on the demand curve. At this point, the quantity demanded is Q2, which is less than Q3. Therefore, the resulting quantity of gasoline that is bought and sold is less than Q3.

Figure 6-12 -Refer to Figure 6-12. When the Price Ceiling Applies in Ceiling