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If the government imposes a price ceiling for some product, and a hidden market subsequently ...

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If the government imposes a price ceiling for some product, and a hidden market subsequently ...

If the government imposes a price ceiling for some product, and a hidden market subsequently develops that gains control of all of the reduced output of the product, then

▸ the hidden market price will be lower than the ceiling price.

▸ consumers will be better off than they would be in the absence of the hidden market.

▸ the quantity demanded will exceed quantity supplied at the hidden market price.

▸ the hidden market price will be higher than the free-market equilibrium price.

▸ excess profits will flow back to consumers.

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Microeconomics

Edition: 17^th

Author: Ragan

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karamvir19 Author

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Thanks for your help!!

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