Which of the following causes a shortage of a good
Asked by admin @ in Economy viewed by 328 People
Which causes a shortage of a good a price ceiling or a price flooring what causes a surplus explain with suitable diagrams?
Asked by admin @ in Economy viewed by 328 People
Which causes a shortage of a good a price ceiling or a price flooring what causes a surplus explain with suitable diagrams?
Answered by admin @
Answer:
Price ceilings prevent a price from rising above a certain level. When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied, and excess demand or shortages will result. Price floors prevent a price from falling below a certain level.
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