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BUS499 Principles Of Economics  

Pages: 7 | Type : Essay

Answers:  A ceiling of price happens at a time when a state puts in action a legal limit the height the price should reach for a given product. For an effective price ceiling, the latter should be set right beneath market equilibrium. A shortage arises automatically as soon as a price ceiling is set. There is more demand occurring than it should be at equilibrium price when a price ceiling is set. The supply also goes down when there is pri...

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iconPosted On : Oct 18, 2021     iconDownload : 0

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