When the Price of a Good Is Legally Set Below

question 69

Multiple Choice

When the price of a good is legally set below the equilibrium level, a shortage often results. This shortage

• A) is a temporary failure of the market mechanism.
• B) is the result of a shift in demand.
• C) is the result of a shift in supply.
• D) occurs because the price ceiling prevents the market mechanism from establishing an equilibrium price.

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