Chapter 2: a) In Figure 1, suppose demand is D and supply is S. If a price ceiling of $6 is imposed,
Chapter 2: a) In Figure 1, suppose demand is D and supply is S. If a price ceiling of $6 is imposed, what is the resulting shortage?b) In figure 1, suppose demand is D and supply is S. If a price floor of $12 is imposed, what is the resulting surplus?c) What is the equilibrium price and quantity?
