Complete the price ceiling rule

Exercise and reference answers

Missing parts

1. Answer

   maximum

   Choices

   1. minimum
   2. maximum
   3. average

2. Answer

   above

   Choices

   1. above
   2. below
   3. equal to

3. Answer

   shortage

   Choices

   1. surplus
   2. shortage
   3. subsidy

Complete the statement

A price ceiling is a legal {0} price. Set below equilibrium it leaves quantity demanded {1} quantity supplied, so the market ends up with a {2}.

Instructions

Tap the right word for each blank to finish what a price ceiling does to a market.

Explanation