Suppose the equilibrium price of a pound of bacon is $3.50. the government decides that people have a right to a pound of bacon at an affordable price. to protect this new right, the government passes a law setting a maximum price of $1.50 for bacon. as a result of the legislation, there will be choose one: a. either an excess supply or an excess demand for bacon; it depends on the market reaction to the price control. b. neither an excess supply nor an excess demand for bacon. c. an excess supply of bacon. d. an excess demand for bacon.
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Suppose the equilibrium price of a pound of bacon is $3.50. the government decides that people have...
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