Suppose that the equilibrium price of an article is N5.00 but the government fix...
Question
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will beOptions
A)
The same as equilibrium supply
B)
Greater than equilibrium supply
C)
Less than the equilibrium supply
D)
Determined later by government
E)
None of these
Related Lesson: Equilibrium Price and Quantity | Theory of Price Determination
The correct answer is C.
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