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What is the effect of a price ceiling that is set above the market equilibrium quizlet?

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What is the effect of a price ceiling that is set above the market equilibrium?

Explanation: If a price ceiling is set above market equilibrium, market forces will cause the equilibrium price to be market equilibrium price. The price ceiling will never be reached because it is too high.

What happens if the price ceiling is set above equilibrium price quizlet?

If price is set above equilibrium, quantity demand decreases while quantity supplied increases, causing a shortage to exist in the market.

effect price ceiling set market equilibrium quizlet Price floor example

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