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

question 90

Multiple Choice

Figure 4-19

-Refer to Figure 4-19.When the price ceiling applies in this market and the supply curve for gasoline shifts from S₁ to S₂,

• A)the price will increase to P₃.
• B)a surplus will occur at the new market price of P₂.
• C)the market price will stay at P₁ due to the price ceiling.
• D)a shortage will occur at the price ceiling of P₂.

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