When, in a particular market, the law of demand and the law of supply both apply, - 3277

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When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.

A.   double the quantity supplied B.   less than quantity supplied C.   greater than quantity supplied D.   equal to quantity supplied 

 
Solution Description

When, in a particular market, the law of demand and the law of supply both apply, the impositi