Suppose that the government set the price of chocolate at 6


Suppose that the government set the price of chocolate at $6 per pound. Which of the following statements best describes an effect of this price control? There would be a surplus of 40 pounds of chocolate.

A) There would be a surplus of 40 pounds of chocolate.

B) Less chocolate would be demanded at $4 than at $6.

C) Producers of chocolate would want the price set at $4.

D) There would be a shortage of 20 pounds of chocolate.

Solution Preview :

Prepared by a verified Expert
Microeconomics: Suppose that the government set the price of chocolate at 6
Reference No:- TGS01384596

Now Priced at $20 (50% Discount)

Recommended (94%)

Rated (4.6/5)