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Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.

Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 7SCQ: What is the effect of a price ceiling on the quantity demanded of the product? What is the effect of...
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Figure 6-9 price 12 11 10 9 8 7 6 3 4 3 2 D 4 8 12 16 20 24 28 32 36 40 quantity Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.
Transcribed Image Text:Figure 6-9 price 12 11 10 9 8 7 6 3 4 3 2 D 4 8 12 16 20 24 28 32 36 40 quantity Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.
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