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studymite studymite
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5 years ago

Question 1.

A price ceiling below the market clearing price results in
I.excess quantity demand
II.excess quantity supplied
III.entry of new producers


• I only

• II only

• III only

• Both I and III

Question 2.




Refer to the above figure. If a price ceiling of $3 was set

• there would be a shortage of 20 units.

• the quantity sold would be 80 units.

• there would be a surplus of 40 units.

• there would be a shortage of 40 units.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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samah952samah952
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studymite Author
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#2
5 years ago
Thank you for answering so quickly
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