If a price ceiling is imposed on a good, then a shortage for that good will occur.

Name: If a price ceiling is imposed on a good, then a shortage for that good will occur.
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Quizplus · Accepted Answer

When a price ceiling is imposed on a good, it sets a maximum price that can be charged for that good. If the maximum price is set below the market equilibrium price, then there will be excess demand for the good (i.e. more buyers than sellers). This excess demand will result in a shortage of the good.

If a Price Ceiling Is Imposed on a Good, Then