5. Consumer and Producer Surplus; Price Ceilings and Floors

5. Consumer and Producer Surplus; Price Ceilings and Floors / Quantitative Analysis of Price Ceilings and Price Floors: Finding Points / Problem 12

Problem 12

In a market with a price ceiling of \$50, the quantity demanded is 500 units and the quantity supplied is 300 units. What is the resulting shortage?

300 units

400 units

100 units

200 units