Question about quantity demand

Reference no: EM1369893

The question asked was assume that the government imposes a price ceiling on toasters. In particular, suppose that it decrees that a toaster cannot sell for more than $14.00. Would the quantity supplied equal the quantity demanded? What sorts of devices may come into being to allocate the available supply of toasters to consumers? What problems would the government encounter in keeping the price at $14.00. What social purposes, if any, might such a price ceiling serve?

Reference no: EM1369893

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