Suppose the Equilibrium Price of a Bunch of Carrots Is

question 161

Multiple Choice

Suppose the equilibrium price of a bunch of carrots is $1.The price floor instituted by the government is $1.50.

• A) We would expect to see a surplus of carrots.
• B) There would be a shortage of carrots.
• C) Farmers would switch from growing carrots to growing potatoes.
• D) The price floor would have no impact on the market because it is higher than equilibrium price.

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