Price Price Celling Quantity XX Price Price Price Quantity 23. Refer to the above figure. In which panel in the figure shown would there be a shortage for the product? a panel (a) b. panel (b) C. panel (C) d. panel (d) 24. What does a binding price floor cause? a. excess demand b. a shortage C. a surplus d. a drop in the equilibrium price 10 Price 18.00 7.00 6.00 5.00 4.00 X 30 40 50 60 70 Quantity 25. Refer to the above figure. At which price would a binding price ceiling exist? a. $5 b. $6 $7 d