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Why does a price ceiling create a shortage?
Great question. What happens to quantity demanded when the price is set below equilibrium?
It goes up.
Exactly. And what happens to quantity supplied?
It goes down.
So at that price, quantity demanded is greater than quantity supplied. That's the shortage.
Can you show me with an example?

Sure. Imagine the equilibrium price for concert tickets is $120. At that price, 10,000 tickets are demanded and 10,000 are supplied.

  • Government sets a price ceiling of $80.
  • At $80, 14,000 people want tickets, but only 6,000 are willing to sell.
  • Shortage = 14,000 − 6,000 = 8,000 tickets.
  • This leads to queues, rationing or scalping.
Would you like to sketch the demand and supply diagram for this?
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One focused correction

Watch three marks become six.

01 · First answer

3/6

The price ceiling set below equilibrium creates a shortage because quantity demanded is greater than quantity supplied.

02 · AtarNorthStar

AtarNorthStar

To lift this to full marks:

  • Define the conceptAdd a brief definition of price ceiling.
  • Explain the mechanismLink the price ceiling to quantity demanded and supplied.
  • Use precise economic termsMention excess demand and shortage explicitly.
  • Conclude the impactState the outcome clearly in one sentence.

03 · Improved answer

6/6

A price ceiling is a legal maximum price set below the equilibrium price. At this price, quantity demanded exceeds quantity supplied, creating excess demand (a shortage). This shortage leads to non-price rationing, such as queues or waiting lists.

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