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,
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.
Correct Answer:
Verified
Correct Answer:
Verified
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