The profit-maximizing quantity is units, and the profit-maximizing price is |$ Mayor George Bailey, concerned about water consumers, is considering a price ceiling that is 106, below the monopoly price. At this new price, the quantity demanded would be units. At this quantity, the marginal cost would be A the price. Therefore, the profit-maximizing Mr. Potter produce this amount. George's Uncle Billy says that a price ceiling is a bad idea because price ceilings cause shortages. True or False: A price ceiling that is 10% below the monopoly price would cause a shortage. True O False George's friend Clarence, who is even more concerned about consumers, suggests a price ceiling 50% below the monopoly price. At this price, the quantity demanded would be units, and the quantity supplied would be units. True or False: A price ceiling 50% below the monopoly price would cause a shortage