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    Question

    When the price ceiling is fixed below the equilibrium

    price, it leads to which of the following? (1) Excess supply (2) Excess demand (3) Black marketing
    A Only 1 Correct Answer Incorrect Answer
    B Both 2 and 3 Correct Answer Incorrect Answer
    C Both 1 and 3 Correct Answer Incorrect Answer
    D Only 2 Correct Answer Incorrect Answer

    Solution

    The correct answer is B

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