The government sets a maximum price of $7 in that market. What results?

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Question

The government sets a maximum price of $7 in that market. What results?

Accepted Answer

A shortage of 400 units, with only 900 units traded instead of 1,100 — Award 1 mark. Working: Qd = 1,300 and Qs = 900. Fewer people obtain the good than before the policy, and the quantity actually traded is set by supply.

Answer

A shortage of 400 units, with 1,300 units traded

Answer

A shortage of 400 units, with only 900 units traded instead of 1,100

Answer

No change, since $7 is below the equilibrium price

Answer

A surplus of 400 units, with 1,300 units traded

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