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Figure 4-19 Refer to Figure 4-19. When the Price Ceiling Applies in Ceiling

question 41

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Figure 4-19 Figure 4-19   Refer to Figure 4-19. When the price ceiling applies in this market and the supply curve for gasoline shifts from S<sub>1</sub> to S<sub>2</sub>, A)  the price will increase to P<sub>3</sub>. B)  a surplus will occur at the new market price of P<sub>2</sub>. C)  the market price will stay at P<sub>1</sub> due to the price ceiling. D)  a shortage will occur at the price ceiling of P<sub>2</sub>.
Refer to Figure 4-19. When the price ceiling applies in this market and the supply curve for gasoline shifts from S1 to S2,


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