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During a hurricane, a price ceiling of $600 is put on generators. Calculate the shortage caused by the price ceiling.

Sagot :

The shortage caused by the price ceiling is 160.

What is the shortage caused by the price ceiling?

A price ceiling is when the government places a limit on the highest amount a good or service can be sold for. It is binding when it is placed below equilibrium price.

Because price is below equilibrium price, there would be a shortage.

Shortage = quantity demanded - quantity supplied

640 - 480 = 160

Please find attached the required table. To learn more about a price ceiling, please check: brainly.com/question/24312330

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