22. (02 08 mc) use the graph to answer the question that follows. what will be the immediate effect if the…

22. (02 08 mc) use the graph to answer the question that follows. what will be the immediate effect if the government sets the price for internet access at point b? (1 point) the price of internet access will rise to meet equilibrium. the price of internet access will fall to meet equilibrium. there will be a shortage of internet access. there will be a surplus of internet access.

22. (02 08 mc) use the graph to answer the question that follows. what will be the immediate effect if the government sets the price for internet access at point b? (1 point) the price of internet access will rise to meet equilibrium. the price of internet access will fall to meet equilibrium. there will be a shortage of internet access. there will be a surplus of internet access.

Answer

Explanation:

Step1: Analyze price - quantity relationship

Point B is below the equilibrium point (where demand and supply curves intersect). At a price set at Point B, the quantity demanded is greater than the quantity supplied.

Step2: Determine market outcome

When quantity demanded > quantity supplied, there is a shortage in the market.

Answer:

There will be a shortage of internet access.