When the price ceiling applies in this market and the supply curve for gasoline shifts from S 1 to S 2:a. a surplus will occur at the new market price of P2.b. the market price will increase to P3.c. a shortage will occur at the new market price of P2.d. the market price will stay at P1.

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08-12-2022
Business

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When the price ceiling applies in this market and the supply curve for gasoline shifts from S 1 to S 2:a. a surplus will occur at the new market price of P2.b. the market price will increase to P3.c. a shortage will occur at the new market price of P2.d. the market price will stay at P1.

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Asmasaadatkhan Asmasaadatkhan · Answer 1 · 2022-12-14T16:52:28+01:00

When the price ceiling is in effect in this market and the gasoline supply curve changes from s1 to s2. The right response is "d," meaning there will be a shortage at the new market price of P2. There will be a shortage since there will be more demand than supply.

A price ceiling prevents a price from increasing above a certain markup, or the "ceiling". When there is a price floor, the price cannot fall below the "floor" level. To comprehend price ceilings, we might employ the demand and supply framework. Demand exceeds supply in many markets for products and services.

To learn more about price ceiling

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