If a price ceiling is set below the equilibrium price, what happens to the quantity demanded?

If the equilibrium price of a product is \$20 and a price ceiling is set at \$15, what will be the effect on the market?

In a market where the government imposes a price floor on milk at \$4, while the equilibrium price is \$3, what steps would you take to determine the surplus?

What criteria would you use to assess the impact of a price floor on agricultural products?

A price floor is set at \$25, while the equilibrium price is \$20. What is the likely outcome?

In a market with a price floor, if the quantity supplied is 6000 units and the quantity demanded is 4500 units, what is the surplus?

Which of the following is true about a price floor?

If the quantity demanded is 4000 units and the quantity supplied is 2500 units due to a price ceiling, what is the shortage?

If a government sets a price ceiling on bread at \$2, while the equilibrium price is \$3, what steps would you take to calculate the resulting shortage?

Solve for the equilibrium price using the equations Qd = 6000 - 60P and Qs = 40P - 800.