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Figure: Price Ceiling of Ps
-(Figure: Price Ceiling of Ps) Refer to the figure. Suppose a price ceiling of Ps is imposed. The shaded area may likely represent all of the following EXCEPT:
A) value of wasted time.
B) the amount that buyers bribe sellers.
C) the amount of corruption.
D) consumer surplus.

Question

Use the following to answer questions:
Figure: Price Ceiling of Ps 
-(Figure: Price Ceiling of Ps) Refer to the figure. Suppose a price ceiling of Ps is imposed. The shaded area may likely represent all of the following EXCEPT:
A) value of wasted time. 
B) the amount that buyers bribe sellers. 
C) the amount of corruption. 
D) consumer surplus.

Quizplus · Accepted Answer

The shaded area likely represents inefficiencies or losses due to the price ceiling, such as wasted time, bribery, or corruption, but not consumer surplus, which is typically represented by a different area in supply and demand diagrams.

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