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The imposition of a price ceiling by the government will result in:
- a)An excess supply of the product
- b)An excess demand for the product
- c)No effect on the market
- d)The elimination of the product from the market
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
The imposition of a price ceiling by the government will result in:a)A...
The imposition of a price ceiling by the government will result in an excess demand for the product. A price ceiling is a maximum price set by the government, which is typically below the equilibrium price. By setting the price ceiling below the equilibrium price, the government aims to protect consumers by making the product more affordable. However, this creates a situation where the quantity demanded exceeds the quantity supplied, leading to a shortage or excess demand.
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The imposition of a price ceiling by the government will result in:a)An excess supply of the productb)An excess demand for the productc)No effect on the marketd)The elimination of the product from the marketCorrect answer is option 'B'. Can you explain this answer?
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