Figure 6-35
-Refer to Figure 6-35.A price ceiling set at $70 would create a shortage of 40 units.

Name: Figure 6-35 -Refer to Figure 6-35.A price ceiling set at $70 would create a shortage of 40 units.
Brand: Quizplus
Rating: 4.8 (45 reviews)

Question

Figure 6-35 
-Refer to Figure 6-35.A price ceiling set at $70 would create a shortage of 40 units.

Quizplus · Accepted Answer

A price ceiling creates a shortage only if it is set below the equilibrium price. Without knowing the equilibrium price and quantity, we cannot determine if a price ceiling at $70 would create a shortage of 40 units.

Figure 6-35 -Refer to Figure 6-35.A Price Ceiling Set at $70 Would