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-Refer to Exhibit 4-3

Question 103

Multiple Choice

-Refer to Exhibit 4-3.If price P<sub>1</sub> is a price ceiling,then A) there is a surplus in the market for good X. B) the highest price that can legally be charged in this market is P<sub>3</sub>. C) the price at which exchange legally takes place is P<sub>2</sub>. D) the price at which exchange legally takes place is P<sub>1</sub>. E) both a and b
-Refer to Exhibit 4-3.If price P1 is a price ceiling,then


A) there is a surplus in the market for good X.
B) the highest price that can legally be charged in this market is P3.
C) the price at which exchange legally takes place is P2.
D) the price at which exchange legally takes place is P1.
E) both a and b

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