If a price ceiling in a competitive market for physician services is effective, it will result in a market ______ of physician services due to the _______ price.

Name: If a price ceiling in a competitive market for physician services is effective, it will result in a market ______ of physician services due to the _______ price.
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Question

Quizplus · Accepted Answer

A price ceiling, when set below the equilibrium price, leads to a shortage because the lower price increases the quantity demanded while decreasing the quantity supplied.

If a Price Ceiling in a Competitive Market for Physician