a. one year during the price control period, a poor wheat harvest caused a leftwrd shift in the supply of bread and there fore an increase in the free market price. new York bakers found that the controlled price of bread in New York was below the market price. draw a diagram showing the original situation ( as above , which is "In the late 18th century, the price of bread in New York City was controlled, set at a predetermined price." ), and then show the shift in supply. assume that the predetermined price did not change and the demand for bread did not change.
b.based on the situation in above question, did the price control policy act as a price ceiling or a price floor?
c. what kind of inefficiencies likely occurred during the year described in question a?