DJ.JU $4.00 600 24 Gyro Market $5.00 0 30 6.00 c. Suppose the local government, out 5.50- of concern for the students' welfare, 5.00- S enforces a price ceiling on gyros at a 4.50- price of $1.50. What is the effect on price and quantity exchanged? 4.00- 3.50- The 'hidden market' price will be 3.00- Price( $ 3.5 . The quantity exchanged will be 0 2.50- 900 thousand gyros. 2.00- (Round your responses to the nearest cent.) 1.50- 1.00- d. Which of the following is true? 0.50 D 0.00- O A. Society is worse off since the 0 600 1200 1800 2400 3000 economic surplus is lower. Quantity (thousands) O B. Hidden market trading will create market inefficiencies. O C. There is a deadweight loss created. D. All of the above are true. e. What happens to overall economic surplus in this market as a result of the price ceiling? The overall economic surplus in this market is lower as a result of the price ceiling by $ 3