Refer to Exhibit 3 14 If price P 3 is a price ceiling, then a there is a surplus in this market b the price at which exchange takes place is P 3 c the price at which exchange takes place is P 2 d there is a shortage in this market

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Refer to Exhibit 3-14. If price P 3 is a price ceiling, then a. there is a surplus in this market. b. the price at

Refer to Exhibit 3-14. If price P ₃ is a price ceiling, then

	a.	there is a surplus in this market.
	b.	the price at which exchange takes place is P₃.
	c.	the price at which exchange takes place is P₂.
	d.	there is a shortage in this market.

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