Multiple Choice
Suppose the market equilibrium price of corn is $5 per bushel, and the government sets a price ceiling of $4 per bushel. What is the most likely result of this action?
A) There will be a shortage of corn.
B) There will be a surplus of corn.
C) There will be a decrease in the quantity of corn demanded as the result of the price ceiling.
D) There will be an increase in the quantity of corn supplied as the result of the price ceiling.
Correct Answer:
Verified
Correct Answer:
Verified
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Q44: Figure 4-24 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Figure 4-24
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