(Answered) The exhibit given below shows the demand curve for and the

Engineering

The exhibit given below shows the demand curve for and the supply curve of laptops, D and S₁. The government decides to impose a price ceiling on the price of laptops. At the same time, the price of inverter boards that provide power to backlight lamps inside laptop screens increases. Identify the correct statement.

?A price ceiling above P₃ will eliminate shortage in the market.
?A price of P₂ will be binding in this market.
?At a price ceiling of P₁, the quantity demand and supplied in the market will be Q₂.
?The government should set the price ceiling at P₁ to eliminate shortage.

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