Multiple Choice
Assume a price ceiling is imposed at the current equilibrium price in the market for wheat.If the supply of wheat then decreases as a result of bad weather, then:
A) a surplus of wheat will be created.
B) a shortage of wheat will be created.
C) the quantity of wheat traded remains the same.
D) the quantity of wheat supplied will increase.
E) There is insufficient information to answer this question.
Correct Answer:
Verified
Correct Answer:
Verified
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