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Figure 6-9 Refer to Figure 6-9. A price ceiling set at

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Figure 6-9

A graph of price, P, versus quantity, Q, shows a supply curve, S, rising linearly from (0, 1) to (40, 11), and a demand curve, D, descending linearly from (0, 11) to (40, 1). The curves intersect at (20, 6).

Refer to Figure 6-9. A price ceiling set at

$4 will be binding and will result in a shortage of 8 units.

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$4 will be binding and will result in a shortage of 16 units.

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$7 will be binding and will result in a surplus of 4 units.

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$7 will be binding and will result in a surplus of 8 units.

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