Suppose government imposes a ceiling price of $4 on hamburger. This results in

a surplus of 400 tons of hamburger

a surplus of 200 tons of hamburger

a shortage of hamburger

consumers purchasing 700 tons of hamburger at a price of $3

Question

Business

Scarlet Wu

29 September, 11:39

Suppose government imposes a ceiling price of $4 on hamburger. This results in

a surplus of 400 tons of hamburger

a surplus of 200 tons of hamburger

a shortage of hamburger

consumers purchasing 700 tons of hamburger at a price of $3

+2

Answers (1)

Know the Answer?

Orlando Hooper · Answer 1

a shortage of hamburger

Explanation:

The price is adjusted by demand and supply.

Once the demand is more / higher than supply, the price will increase and vice versa.

However to avoid instability, especially as the price of main consuming goods increase too much, the government may imposes a ceiling price. In this case, government imposes a ceiling price of $4 on hamburger.

Suppose government imposes a ceiling price of $4 on hamburger. This results ina surplus of 400 tons of hamburgera surplus of 200 tons of hamburgera shortage of hamburgerconsumers purchasing 700 tons of hamburger at a price of $3

Suppose government imposes a ceiling price of $4 on hamburger. This results in

a surplus of 400 tons of hamburger

a surplus of 200 tons of hamburger

a shortage of hamburger

consumers purchasing 700 tons of hamburger at a price of $3