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

Maximum and minimum prices — practice question

The diagram illustrates the market for a good. If the government sets a minimum price at OP1 and a maximum price at OP2, what would happen?

  • AThe price will be unchanged at OP.
  • BThe price will fall to OP1.
  • CThe price will rise to OP2.
  • DThere will need to be rationing by the government.

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