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Figure: Price Ceiling A graph shows a supply and a demand curve with price on the vertical axis and quantity on the horizontal axis. The
Figure: Price Ceiling A graph shows a supply and a demand curve with price on the vertical axis and quantity on the horizontal axis. The data are as follows. The demand curve has a negative slope and the supply curve has a positive slope. The demand curve contains two marked points that are denoted with dashed lines at each price and quantity demanded combination. The first point is at a price of 12 dollars and a quantity of 270 units. The second point is at a price of 10 dollars and a quantity of 310 units. The supply curve contains two marked points that are denoted with dashed lines at each price and quantity demanded combination. The first point is at a price of 12 dollars and a quantity of 310 units. The second point is at a price of 10 dollars and a quantity of 270 units. The intersection of the supply and the demand curves is marked with a point denoted with a dashed line at a price of 11 dollars and a quantity of 290 units. A price ceiling of $10 results in a: Question 3 options: surplus of 40 units. shortage of 40 units. surplus of
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