Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S₁ to S₂, the resulting quantity of gasoline that is bought and sold is

A) less than Q₃.
B) Q_3.
C) between Q₁ and Q₃
D) at least Q₁.

Question

Alyssa Zeledon · Accepted Answer

Final Answer : A, Explanation :  When a price ceiling is enforced and the supply curve shifts, the quantity of gasoline bought and sold is constrained by the price ceiling and cannot exceed the quantity that was available at the price ceiling before the shift. Therefore, it is less than the quantity that would be bought and sold without the price ceiling in place after the shift.

Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S₁ to S₂, the resulting quantity of gasoline that is bought and sold is

A) less than Q₃.
B) Q_3.
C) between Q₁ and Q₃
D) at least Q₁.

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold isA) less than Q3.B) Q3.C) between Q1 and Q3D) at least Q1.

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to Figure 6-8. When the price ceiling is enforced in this market, and the supply curve for gasoline shifts from S₁ to S₂, the resulting quantity of gasoline that is bought and sold is

A) less than Q₃.
B) Q_3.
C) between Q₁ and Q₃
D) at least Q₁.