Reference no: EM1360170
Consider four markets for luxury yachts, Markets A, B, C, and D. The demand for yachts in Market A is perfectly elastic. In Market B the price elasticity of demand, as an absolute value, is 3. In Market C the price elasticity of demand, as an absolute value, is 0.25. Finally, the demand for yachts in Market D is perfectly inelastic.
The elasticity of supply (which equals 0.5), the market equilibrium price, and the market equilibrium quantity in all four markets are identical.
If the government imposes the same below-equilibrium price ceiling on all these markets, which of the following statements will be true?
A. The size of the shortage in each market, from smallest to largest, is as follows: D, C, B, A.
B. The size of the surplus in each market, from smallest to largest, is as follows: D, C, B, A.
C. The size of the surplus in each market, from smallest to largest, is as follows: A, B, C, D.
D. The size of the shortage in each market, from smallest to largest, is as follows: A, B, C, D.
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