Garbanzo Beans

-Consider the above table. Assuming the government imposes a price ceiling on garbanzo beans of $4, what would be the likely result?
A)a surplus of 2,000 garbanzo beans
B)a shortage of 2,000 garbanzo beans
C)No change, equilibrium would prevail.
D)The quantity demanded of garbanzo beans would fall to zero.

Question

Garbanzo Beans
 
-Consider the above table. Assuming the government imposes a price ceiling on garbanzo beans of $4, what would be the likely result?
A)a surplus of 2,000 garbanzo beans 
B)a shortage of 2,000 garbanzo beans 
C)No change, equilibrium would prevail. 
D)The quantity demanded of garbanzo beans would fall to zero.

Quizplus · Accepted Answer

At a price ceiling of $4, the quantity demanded of garbanzo beans is 6,000 while the quantity supplied is 4,000. This creates a shortage of 2,000 garbanzo beans.

Garbanzo Beans -Consider the Above Table. Assuming the Government Imposes a Price