Use the figure below to answer the following question(s) .
Figure 4-4 
-Given the demand and supply conditions shown in Figure 4-4, what will happen as the result of imposing a price ceiling of a?
Definitions:
Price Effect
The impact that a change in a good’s price has on its demand, considering both the substitution and income effects.
Oligopoly
A market structure in which only a few sellers offer similar or identical products.
Monopoly Outcome
A market situation where a single firm dominates production and sales, leading to potential inefficiency and higher prices.
Nash Equilibrium
A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.
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