Which of the following statement is TRUE?

I. In the podcast "Big Government Cheese", Kenny Malone and Karen Duffin, discuss the

effects of price ceiling enacted by Jimmy Carter and the Congress on the cheese market.

II. According to the podcast "Big Government Cheese",, the government had to buy ALLcheese supplied at a price above the market price and store it to prevent the price of cheese

from decreasing.

III. According to the podcast "Big Government Cheese", the government had to rent caves to store all the surplus cheese (2 lbs per American) and the cost of the program was $2 billion.