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Figure: Determining Surplus and Loss
-(Figure: Determining Surplus and Loss)In the graph,$12 would allow for an effective price ceiling.

Question

Use the following to answer questions 
Figure: Determining Surplus and Loss 
-(Figure: Determining Surplus and Loss)In the graph,$12 would allow for an effective price ceiling.

Quizplus · Accepted Answer

A price ceiling is effective if it is set below the equilibrium price, causing a shortage. Without the graph, we cannot determine if $12 is below the equilibrium price.

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