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29 January, 14:10

In 1-2 sentences, explain the effect of a price ceiling on the quantity of a good.

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  1. 29 January, 14:23
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    A price ceiling will only impact the market if the ceiling is set below the free-market equilibrium price. The quantity demanded will increase because more people will be willing to pay the lower price to get the good while producers will be willing to supply less, leading to a shortage.
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