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Suppose that the equilibrium price of a pair of designer Lucky jeans is $225. The government decides that people have a right to an affordable
Suppose that the equilibrium price of a pair of designer Lucky jeans is $225. The government decides that people have a right to an affordable pair of designer Lucky jeans. To protect this new right, the government passes a law setting a maximum price of $125 for jeans. As a result of the legislation, the price of a pair of designer Lucky jeans will be Choose one: A. $125. B. more than $125 but less than $225. C. the average of the price control and the market price. D. less than $125
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