Suppose the Equilibrium Price of Bread Is $2

question 53

Multiple Choice

Suppose the equilibrium price of bread is $2.00 per loaf.If the government sets a price ceiling of $1.50 per loaf:

• A)the equilibrium price of wheat will fall and a shortage of wheat will be created.
• B)the quantity of wheat supplied will increase.
• C)the quantity of wheat demanded will decrease.
• D)there will be a shortage of bread.
• E)there will be a surplus of bread.

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