Multiple Choice
The market for apples is in equilibrium at a price of $0.50 per pound.If the government imposes a price ceiling in the market at $0.40 per pound:
A) quantity demanded will decrease.
B) quantity supplied will increase.
C) there will be a shortage of the good.
D) the price ceiling will not affect the market price or output.
Correct Answer:
Verified
Correct Answer:
Verified
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