-Refer to Exhibit 4-3.Which of the following is true? A) If price P₃ is set as a price ceiling it will have an effect on the market for good X. B) If price P₃ is set as a price floor it will have an effect on the market for good X. C) Price P₃ is the equilibrium price for good X. D) Price P₃ is the highest price that can legally be charged in the market for good X.

Question

Quizplus · Accepted Answer

The Answer of -Refer to Exhibit 4-3.Which of the following is true? A) If price P₃ is set as a price ceiling it will have an effect on the market for good X. B) If price P₃ is set as a price floor it will have an effect on the market for good X. C) Price P₃ is the equilibrium price for good X. D) Price P₃ is the highest price that can legally be charged in the market for good X.