Question: When a price ceiling is set below the equilibrium price, the quantity supplied ____ the quantity demanded and a ____ exists. 1) is less than;

When a price ceiling is set below the equilibrium price, the quantity supplied ____ the quantity demanded and a ____ exists.

1)

is less than; shortage

2)

is greater than; surplus

3)

is less than; surplus

4)

is greater than; shortage

Question 28 options:

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