Question: The graph below shows the market for widgets. $40- Demand $30 -Supply Price $20 $10 0 2 4 6 8 10 12 14 16 18

The graph below shows the market for widgets. $40- Demand $30

The graph below shows the market for widgets. $40- Demand $30 -Supply Price $20 $10 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 Quantity Suppose the government imposes a price ceiling at $10. Which of the following is a likely consequence of that policy? Nothing happens as the price ceiling is below the equilibrium price. O A shortage of about 15 widgets develops at the new price of $10. O A surplus of about 15 widgets develops at the new price of $10. None of the above

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