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Alabama this winter was socked in with snow which closed highways, stores and schools for weeks. Because of the road closures, soup was in greater
Alabama this winter was socked in with snow which closed highways, stores and schools for weeks. Because of the road closures, soup was in greater demand but short on supply. The government put a temporary price ceiling on the cost of soup at $1. If the equilibrium for soup was at $5, what do you think happened? Group of answer choices There was greater demand than supplied and people began a black market for selling and delivering soup. People continued to uphold the law and pay the $1 for soup and there was greater quantity supplied than demanded. The equilibrium price dropped to the price ceiling and the supply met the demanded quantity. The market would be more efficient with the price ceiling
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