In the 1970s, inflation was high and the White House imposed price ceilings on many goods and

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In the 1970s, inflation was high and the White House imposed price ceilings on many goods and commodities to lower prices. Economists worried about shortages resulting from these price ceilings. Suppose the White House passed a law saying the prices of meat, milk, bread and marshmallows must be decreased by 20%. Which good is predicted to have the smallest shortage? A. Pain relievers (advil, tylenol) B. Potato Chips C. Ice Cream D. Marshmallows

Posted Date: Jun 11, 2024 06:09 PM

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In the 1970s, inflation was high and the White House imposed price ceilings on many goods and

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