-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A) price ceiling has been set at P1.
B) price floor has been set at P1.
C) price ceiling has been set at P2.
D) price floor has been set at P2.

Question

-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A) price ceiling has been set at P1. 
B) price floor has been set at P1. 
C) price ceiling has been set at P2. 
D) price floor has been set at P2.

Quizplus · Accepted Answer

The Answer of 
-Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A) price ceiling has been set at P1. 
B) price floor has been set at P1. 
C) price ceiling has been set at P2. 
D) price floor has been set at P2.

-Refer to the Above Figure