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Price Ceilings, Price Floors, and Black Markets
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Price Ceilings, Price Floors, and Black Markets
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5. Consumer and Producer Surplus; Price Ceilings and Floors / Price Ceilings, Price Floors, and Black Markets / Problem 1
Problem 1
In a supply and demand graph, what does the area between the equilibrium price and an effective price ceiling represent?
A
Surplus.
B
Consumer surplus.
C
Producer surplus.
D
Shortage.
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