Economics 9708 · AS & A Level · Maximum and minimum prices

Maximum and minimum prices — practice question

The diagram illustrates the market demand and supply curves for rice. What would happen if a government set a maximum price of $10?

  • AThe government would need to supply Q1 to Q3.
  • BThe quantity sold would be Q1.
  • CThe quantity sold would be Q2.
  • DThe quantity sold would increase from Q2 to Q3.

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