17 Question (7 points) 1st attempt Complete the following paragraph by pulling d

Question

17 Question (7 points) 1st attempt Complete the following paragraph by pulling down the correct word or phrase. When the government imposes a binding price ceiling on loaves of bread, producers will want to supply (a) bread and consumers will demand (b) bread. Therefore, a binding price ceiling will lead to a more less of bread. The price ceiling will have other effects as well. The size of a loaf of bread and the quality of bread would (d) Although the consumers lucky enough to buy bread would pay a lower price, their opportunity cost of buying bread would (e) The price ceiling would also cause other changes over time. In the long run, the demand for and supply of bread becomes (f) elastic, leading to a (g) SUBMIT ANSWER

Explanation / Answer

a) A price ceiling will prompt the suppliers to supply less.

b) and demand will increase or consumer will demand more.

c) It will lead to a shortage.

d) Size and quantity would go down.

e) opportunity cost of brad will increase or go up.

f) In long run, it becomes more elastic.

g) leading to a smaller shortage.

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