In Some Recent Past Years, Prices of Basic Food Commodities

question 292

Multiple Choice

In some recent past years, prices of basic food commodities such as corn, rice, and wheat have increased sharply. Chinese authorities were concerned that escalating prices would cause inflation and be followed by civil unrest.
-If the Chinese government sets a price ceiling below the equilibrium price, the result will be I. an increase in the quantity demanded.
II) a decrease in the quantity supplied.
III) a shortage.

• A) I only
• B) I and II only
• C) III only
• D) I, II, and III

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