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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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