(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _ of _ textbooks.

A) surplus;30
B) surplus;10
C) shortage;30
D) shortage;10

Question

(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _____ of _____ textbooks.

A) surplus;30
B) surplus;10
C) shortage;30
D) shortage;10

Francis Annor · Accepted Answer

Final Answer : C, Explanation :  A price ceiling set below the equilibrium price leads to a shortage because the quantity demanded exceeds the quantity supplied.

(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _ of _ textbooks.

A) surplus;30
B) surplus;10
C) shortage;30
D) shortage;10

Definitions

Learning Objectives

Learning Objectives

Related questions

(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _____ of _____ textbooks.A) surplus;30B) surplus;10C) shortage;30D) shortage;10

Definitions

Learning Objectives

Learning Objectives

Related questions

(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks.At a price ceiling of $40,the market outcome would be a _ of _ textbooks.

A) surplus;30
B) surplus;10
C) shortage;30
D) shortage;10