When there is a price ceiling there will be

Question

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A price ceiling is a legal maximum price above which a good or service cannot be sold. If this price is set below the market equilibrium price (the point at which the quantity demanded equals the quantity supplied), then there will be excess demand or a shortage. This is because consumers are willing to buy more of the good at the lower price, while producers are unwilling to supply as much. As a result, some consumers will be unable to purchase the good or will have to wait in line, creating a shortage.

When There Is a Price Ceiling There Will Be