The equilibrium price of gasoline is $4.25 per gallon and the government imposes a price ceiling, preventing retailers from charging more than $3.30 per gallon. As a result:

a. there will be a shortage of gasoline
b. there will be a surplus of gasoline
c. more gasoline will be available for sale than at the higher price
d. there will be no effect on either the price of gasoline or the quantity available

Question

26-06-2024
Business

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The equilibrium price of gasoline is $4.25 per gallon and the government imposes a price ceiling, preventing retailers from charging more than $3.30 per gallon. As a result:

a. there will be a shortage of gasoline
b. there will be a surplus of gasoline
c. more gasoline will be available for sale than at the higher price
d. there will be no effect on either the price of gasoline or the quantity available

Sagot :

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