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AsadQ1 AsadQ1
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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: 3rd
Authors:
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realistpnoyrealistpnoy
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More solutions for this book are available here
The market price of wheat falls and the quantity traded falls.

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AsadQ1 Author
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A month ago
Helped a lot
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Smart ... Thanks!
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Good timing, thanks!
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