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Figure 6-12 -Refer to Figure 6-12.When the Price Ceiling Applies in This

question 125

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Figure 6-12 Figure 6-12 -Refer to Figure 6-12.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 market 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>. D) a shortage will occur at the new market price of P<sub>2</sub>.
-Refer to Figure 6-12.When the price ceiling applies in this market and the supply curve for gasoline shifts from S1 to S2,

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