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Market equilibrium price for a visit to the doctor

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Reference no: EM131381518

Assume market equilibrium price for a visit to the doctor is currently $75. The federal government decides that something fishy is going on and mandates a price ceiling of $81. This means no doctor may charge more than $81 for a visit. What will happen in the market for doctor's visits?

a. nothing

b. there will be a shortage (a bunch of people want to see doctor but can't)

c. there will be a surplus (a bunch of doctors are sitting around with empty exam rooms)

d. Market price for doctor visits will rise to exactly $81

Reference no: EM131381518

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