With Respect to Some Commodity,X,if Government Objectives Are to (1)restrict

question 23

Multiple Choice

With respect to some commodity,X,if government objectives are to (1) restrict production and (2) keep prices down to protect consumers,then legislated price ceilings will

• A)be a dismal failure as neither goal can ever be achieved with price ceilings.
• B)satisfy both goals but only if a black market develops.
• C)satisfy only the second goal if a black market develops.
• D)only have an effect on commodities at the international level.
• E)satisfy both goals as long as a black market does not develop.

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