uppose that the average cost of a doctor visit is $100. If the government imposes a price ceiling of $50 on the cost of a doctor visit, there will be: no change in the number of doctor visits. an excess demand for doctor visits. an excess supply of doctor visits. an increase in the equilibrium number of doctor visits.

Question

Zack Hayden

Business

1 January, 11:48

uppose that the average cost of a doctor visit is $100. If the government imposes a price ceiling of $50 on the cost of a doctor visit, there will be: no change in the number of doctor visits. an excess demand for doctor visits. an excess supply of doctor visits. an increase in the equilibrium number of doctor visits.

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Answers (1)

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Deanna Frank · Answer 1

an excess demand for doctor visits

Explanation:

The price ceiling in the market is below the equilibrium price so the demand will increase and the supply will decrease and hence there will be an excess demand for doctor visits.