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Answer to Question #195589 in Microeconomics for belinda

Question #195589
  1. Draw a graph to illustrate and explain the effect of the implementation of a price ceiling below the equilibrium price in the market.
1
Expert's answer
2021-05-23T19:16:15-0400



When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied.

There will be excess demand causing shortages.



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