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In a competitive market, a price ceiling set below the free-market equilibrium price will result in

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In a competitive market, a price ceiling set below the free-market equilibrium price will result in

In a competitive market, a price ceiling set below the free-market equilibrium price will result in

▸ a new free-market equilibrium at a lower price and higher output level.

▸ the quantity demanded exceeding quantity supplied and thus a shortage in the market.

▸ excess supply.

▸ the quantity supplied exceeding quantity demanded and thus a surplus in the market.

▸ a continuation of the free-market equilibrium price and quantity.

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Microeconomics

Edition: 17^th

Author: Ragan

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