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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

“When there are long-lasting shortages, there are long lines of people waiting to buy goods. It follows that the shortages cause the long lines.” Do you agree or disagree? Explain your answer.

To determine

The shortages and long lines.

Explanation

Disagree. Shortages and long lines of people waiting in queue are caused by price ceilings. When price ceiling is imposed, it would restrict the price from automatic adjustments to the market demand. Generally, price ceiling would lead to fall in the price of the commodities, which implies that the demand for the commodities increases. However, in the short run, the production and hence the supply of the commodity do not increases...

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