The demand and supply schedules for pizza are in the table above. A price ceiling of $4 per slice results in

Question

BlackTom AI · Accepted Answer

The prompt asks us to assess the effect of a price ceiling set at $4 per slice on the market for pizza, given the demand and supply schedules in a table.

First, I would normally compare the quantity demanded (from the demand schedule) at a price of $4 to the quantity supplied (from the supply schedule) at $4. If Qd > Qs, a shortage occurs; if Qs > Qd, a surplus occurs; if Qd = Qs, there is neither a shortage nor a surplus.

However, in this instance the actual demand and supply data (the table) is not provided in the information you shared. Without those numbers, we cannot compute the exact Qd and Qs at P = $4, nor determine which of the three outcomes applies.

Next, I note that the available answer field includes a single option: 'neither a shortage nor a surplus.' This would be the correct conclusion only if the quantities demanded and supplied are equal at the price ceiling of $4, i.e., Qd = Qs when P = $4.

If we had the table, we would proceed as follows: 
- Look up the quantity demanded at P = $4 from the demand schedule and record Qd(4).
- Look up the quantity supplied at P = $4 from the supply schedule and record Qs(4).
- Compare Qd(4) and Qs(4):
  - If Qd(4) > Qs(4), conclude a shortage exists.
  - If Qs(4) > Qd(4), conclude a surplus exists.
  - If Qd(4) = Qs(4), conclude neither a shortage nor a surplus exists.

Because the specific table values are missing, I can’t perform the numerical comparison here. If your intention is that the correct choice is 'neither a shortage nor a surplus,' that would imply Qd(4) = Qs(4) according to the provided data. To verify, please share the demand and supply quantities at P = $4 from the schedules so I can confirm the outcome and walk through the exact counts.

ECON 215-002 Homework 7

The demand and supply schedules for pizza are in the table above. A price ceiling of $4 per slice results in

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