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Satsume Satsume
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6 years ago
Suppose that, at the market clearing price of natural gas, the price elasticity of demand is -1.2 and the price elasticity of supply is 0.6.  What will result from a price ceiling that is 10 percent below the market clearing price?
A) A shortage equal to 1.8 percent of the market clearing quantity
B) A shortage equal to 0.6 percent of the market clearing quantity
C) A shortage equal to 18 percent of the market clearing quantity
D) A shortage equal to 6 percent of the market clearing quantity
E) More information is needed.
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
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CanihCanih
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6 years ago
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Satsume Author
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6 years ago
Just got PERFECT on my quiz
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You make an excellent tutor!
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This site is awesome
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