Quantity Quantity Supplied Price ($) Demanded 21 18 4 15 8 12 12 9 16 20 24 7 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c. If the government set a price floor at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? Activat d. If the government set a price floor at $2, would there be a shortage or surplus, and how Set large would be the shortage/surplus?

Quantity Quantity Supplied Price ($) Demanded 21 18 4 15 8 12 12 9 16 20 24 7 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c. If the government set a price floor at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? Activat d. If the government set a price floor at $2, would there be a shortage or surplus, and how Set large would be the shortage/surplus?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 6P

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