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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain why fewer exchanges are made when a disequilibrium price (below the equilibrium price) exists than when the equilibrium price exists.

To determine

The fewer exchange rates under disequilibrium price.

Explanation

The under equilibrium price exists when there is a price ceiling in the economy. The price ceiling would lead to an increase in the demand, as the consumers enjoy a reduction in the price of the commodity. However, the price ceiling also reduces the profit of the producers...

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