Multiple Choice
Suppose that the government sets a price ceiling in the market for potatoes at $0.75 per pound of potatoes.If the equilibrium price of potatoes is $1.10,the result of the price ceiling will be a _____________ of potatoes and ____________ exchanges will be made with the price ceiling than would be made in a free market.
A) shortage; fewer
B) surplus; fewer
C) shortage; more
D) surplus; more
Correct Answer:
Verified
Correct Answer:
Verified
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