Ask Question
BusinessBusiness
8 October, 13:56

If the government imposes a price ceiling of $90, does a shortage or surplus (or neither) develop? what are the price, quantity supplied, quantitydemanded, and size of the shortage or surplus?

+3
Answers (1)
  1. 8 October, 14:39
    0
    Price ceilings are the highest price that the establishment could sell their products for. In this item, it is given that the maximum price that the establishment could impose is only $90. Price ceilings are developed and are being implemented in order to limit the power of the sellers over products that are very much in demand to the users.

    Hence, for this item, the price will have a maximum value of $90, the quantity supplied are relatively lower while the demand grows more and more. Moreover, shortage of the product will happen due to the increased demands.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If the government imposes a price ceiling of $90, does a shortage or surplus (or neither) develop? what are the price, quantity supplied, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Mason Company manufactures and sells shoelaces for $3.90 per pair. Its variable cost per unit is $3.50. Mason's total fixed costs are $12,400. How many pairs must Mason sell to break even?
Answers (1)
Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $125,800 has an estimated residual value of $4,800 and an estimated useful life of 10 years.
Answers (1)
Use the information below for Jensen Company to answer the question that follow. Direct materials used $345,000 Direct labor incurred 250,000 Factory overhead incurred 400,000 Operating expenses 175,000 Jensen Company's product costs are a.
Answers (2)
Patty and Paul are partners who share income in the ratio of 3:2. Their capital balances are $90,000 and $130,000, respectively, on January 1. Income Summary has a credit balance of $40,000 at the end of the year.
Answers (1)
Studies indicate that 20 percent to 25 percent of all business travelers engage in leisure activities during work-related trips. True False
Answers (1)
New Questions in Business
SnowBlowers, Inc. is targeting consumers in the northern regions of the United States and focusing on giving consumers practical and functional reasons to buy its snowblowers. What type of ad is SnowBlowers, Inc. using?
Answers (1)
Having a video that skips or looks grainy is an example of O A. not enough media O B. too much media O C. bad media O D. irrelevant media
Answers (2)
15. Physical counts of inventory: A) Are not necessary under the perpetual system. B) Are necessary to adjust the Inventory account to the actual inventory available. C) Must be taken at least once a month.
Answers (2)
What role does specialization play in the productivity of an economy
Answers (1)
What step must be taken before investigators can determine if data tampering has occurred?
Answers (1)
Home » Business » If the government imposes a price ceiling of $90, does a shortage or surplus (or neither) develop? what are the price, quantity supplied, quantitydemanded, and size of the shortage or surplus?
Sign Up Forgot Password?