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susu susu
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A month ago
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
Textbook 

Macroeconomics


Edition: 3rd
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satish1015satish1015
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A month ago
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More solutions for this book are available here
consumers demand more than sellers are willing to supply at the legal price

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susu Author
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A month ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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Yesterday
Thanks
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2 hours ago
Good timing, thanks!
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