If the equilibrium price of aspirins is $5.50 for 250 tablets and the government imposes a price ceiling at $5.00 for 250 tablets, the eventual result will be:

Question

Quizplus · Accepted Answer

With a price ceiling set below the equilibrium price, the quantity demanded of aspirin will exceed the quantity supplied, leading to a shortage of aspirin in the market. Consumers will want to buy more aspirin at the lower price, but suppliers will be hesitant to supply the same quantity at a lower price, resulting in a shortage of aspirin in the market.

If the Equilibrium Price of Aspirins Is $5