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Figure: Understanding Price Ceilings and Floors
-(Figure: Understanding Price Ceilings and Floors)In the graph,if the government sets a price of $25,there is a shortage of 600.

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Use the following to answer questions 
Figure: Understanding Price Ceilings and Floors 
-(Figure: Understanding Price Ceilings and Floors)In the graph,if the government sets a price of $25,there is a shortage of 600.

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In the graph, when the price is set at $25, the quantity demanded is 700 and the quantity supplied is only 100. This creates a shortage of 600.

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