If a Government-Imposed Price Floor Legally Sets the Price of Milk

question 157

Multiple Choice

If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?

• A) The quantity of milk demanded will increase.
• B) The quantity of milk supplied will decrease.
• C) There will be a surplus of milk.
• D) There will be a shortage of milk.

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