-Imposing a price ceiling often results in illegal markets and rationing schemes.

Name: -Imposing a price ceiling often results in illegal markets and rationing schemes.
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Question

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Price ceilings, when set below the market equilibrium price, can lead to shortages as demand exceeds supply, prompting the emergence of black markets and the need for rationing mechanisms to allocate the scarce goods.

-Imposing a Price Ceiling Often Results in Illegal Markets and Rationing