Title: Scenario: Suppose that the government imposes a price control on gasoline where the legal price is ... Post by: susu on Dec 11, 2022 Scenario: Suppose that the government imposes a price control on gasoline where the legal price is set at $1.50 per gallon while the equilibrium price would be $2.25. A shortage ensues. Worried that you may not have enough gas to commute to school and do errands, you get up before dawn to go to a gas station to fill up the tank. But you find yourself waiting in a long line. Fortunately, the station did not run out of gas before your turn came up, and you were happy to drive away with a full tank.
Refer to the scenario above. The shortage results because ________. ▸ the government withholds a large quantity of the resources under the price control ▸ consumers demand more than the quantity of the resource that physically exists ▸ consumers demand more than sellers are willing to supply at the legal price ▸ consumers demand more than sellers can produce Title: Scenario: Suppose that the government imposes a price control on gasoline where the legal price is ... Post by: satish1015 on Dec 11, 2022 Content hidden
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