Refer to the accompanying figure to answer the following questions.

-If there is a $60 price ceiling imposed on a textbook,what will be the disequilibrium amount?
A) There will be a shortage of 800,000 textbooks.
B) There will be a surplus of 800,000 textbooks.
C) There will be neither a shortage nor a surplus.
D) There will be a shortage of 2,600,000 textbooks.
E) There will be a shortage of 400,000 textbooks.

Question

Refer to the accompanying figure to answer the following questions.
 
-If there is a $60 price ceiling imposed on a textbook,what will be the disequilibrium amount?
A) There will be a shortage of 800,000 textbooks. 
B) There will be a surplus of 800,000 textbooks. 
C) There will be neither a shortage nor a surplus. 
D) There will be a shortage of 2,600,000 textbooks. 
E) There will be a shortage of 400,000 textbooks.

Quizplus · Accepted Answer

A price ceiling set below the equilibrium price typically results in a shortage because the price is too low to clear the market, leading to higher demand than supply.

Refer to the Accompanying Figure to Answer the Following Questions