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If the Equilibrium Price of Widgets Is $22, and Then

Question 98

Multiple Choice

If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,


A) ​there will be no effect on the widget market.
B) ​there will be a shortage of widgets.
C) ​there will be a surplus of widgets.
D) ​the price of widgets will increase.

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