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In the figure given below, which of the following is true at the price ceiling, P?
Figure 4.8
Price
$2.00
S
1.50
1.00
P
0.50
D
0
500
1,000
Quantity
Excess quantity demanded equals 800 gallons.
Excess quantity demanded equals 800 gallons.
Excess quantity supplied equals 300 gallons.
Excess quantity demanded equals 300 gallons.