Microeconomics
What is a price ceiling?
If the equilibrium price is \$150 and a price ceiling is set at \$100, what happens to the quantity demanded?
What is a potential consequence of a price ceiling on essential goods during a crisis?
Given Qd = 2500 - 4P and Qs = 3P + 200, find the quantity demanded and supplied at a price ceiling of \$300.
If the quantity demanded is 800 units and the quantity supplied is 1200 units, what is the surplus?
If the equilibrium price is \$200 and a price ceiling is set at \$150, what happens to the quantity supplied?
In a market where the equilibrium price is \$120, a price ceiling is set at \$100. What is the effect of this price ceiling?
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?
