(Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be:311715a. a shortage of 15 units.b. no effect on the market.c. a supply of 20 units.d. a surplus of 15 units.

The market equilibrium(E) is the state where the quantity(Q) of services or items supplied equals…

(Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be: " 31 17 3 ° a. a shortage of 15 units. b. no effect on the market. c. a supply of 20 units. d. a surplus of 15 units.

(Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be: " 31 17 3 ° a. a shortage of 15 units. b. no effect on the market. c. a supply of 20 units. d. a surplus of 15 units.

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 2QCMC

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Question

(Figure: Government Price Controls) Refer to the figure. If the government sets the price ceiling at $31, there will be:
31
17
15
a. a shortage of 15 units.
b. no effect on the market.
c. a supply of 20 units.
d. a surplus of 15 units.

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