The shortage caused by the price ceiling is 160.
A price ceiling is when the government places a limit on the highest amount a good or service can be sold for. It is binding when it is placed below equilibrium price.
Because price is below equilibrium price, there would be a shortage.
Shortage = quantity demanded - quantity supplied
640 - 480 = 160
Please find attached the required table. To learn more about a price ceiling, please check: brainly.com/question/24312330
