Q⁰ The demand for pizza is represented by PD = 10- and the supply of pizza is represented by PS = 4 + 4 dollars. The market for pizza is perfectly competitive. Suppose a price ceiling was set $2 below the equilibrium price. What would be the result? There would be a surplus of 12000. There would be a shortage of 12000. This is a nonbinding price ceiling. Quantity demanded would equal 4000. |N with Q in thousands and Pin
Q⁰ The demand for pizza is represented by PD = 10- and the supply of pizza is represented by PS = 4 + 4 dollars. The market for pizza is perfectly competitive. Suppose a price ceiling was set $2 below the equilibrium price. What would be the result? There would be a surplus of 12000. There would be a shortage of 12000. This is a nonbinding price ceiling. Quantity demanded would equal 4000. |N with Q in thousands and Pin
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 8PA
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