If the equilibrium price of a certain commodity is N120.00 and the government fi...
Question
If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?Options
A)
greater than the equilibrium supply
B)
smaller than the equilibrium supply
C)
the same as the equilibrium supply
D)
a determinant of the market forces of equilibrium
Related Lesson: Equilibrium Price and Quantity | Theory of Price Determination
The correct answer is B.
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