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If the current market price of wheat in the United States is $6 per bushel and the federal ...

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If the current market price of wheat in the United States is $6 per bushel and the federal ...

If the current market price of wheat in the United States is $6 per bushel and the federal government sets the maximum price of wheat at $4 per bushel, what happens to the market price and quantity of wheat in the U.S. wheat market?

▸ The market price of wheat falls and the quantity traded rises.

▸ There is no change in the market price of wheat or the quantity traded.

▸ The market price of wheat falls and the quantity traded falls.

▸ The answer cannot be determined given the information provided.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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