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In Fall 2021, gasoline prices rose to historical highs in many Canadian cities. Suppose that, in an effort to protect consumers from high prices, the

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In Fall 2021, gasoline prices rose to historical highs in many Canadian cities. Suppose that, in an effort to protect consumers from high prices, the government controlled the price of gas to be below its equilibrium level. a) Draw a diagram to show what happens to the quantity of gasoline supplied and demanded in the presence of a price ceiling. Label the resulting surplus or shortage. b) If quantity demanded does not equal quantity supplied when the price is controlled, explain what might determine how gasoline is rationed by businesses

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