QUESTION 14 14. In the late 1970s, as gasoline prices began rising, the govemment imposed a price ceiling on gasoline. If, at the same time, government also lowered the driving age to 14 years, then which of the following is most likely to occur. Oa, the surplus created by this legislation would decrease b. the surplus created by this legislation would increase c. the market would continue to operate at an equilibrium point Od: the shortage created by this legislation would decrease Oe. the shortage created by this legislation would increase
QUESTION 14 14. In the late 1970s, as gasoline prices began rising, the govemment imposed a price ceiling on gasoline. If, at the same time, government also lowered the driving age to 14 years, then which of the following is most likely to occur. Oa, the surplus created by this legislation would decrease b. the surplus created by this legislation would increase c. the market would continue to operate at an equilibrium point Od: the shortage created by this legislation would decrease Oe. the shortage created by this legislation would increase
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 10PA
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