if-the-equilibrium-price-of-a-product-is-20-and-a-price-ceiling-is-set-at-15-wha

Question

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?

Accepted Answer

There will be a shortage.

Answer

The market will remain at equilibrium.

Answer

The price ceiling will be ineffective.

Answer

There will be a surplus.

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?