Assume that the current market equilibrium price for milk is $2.80 per galloon and that 5 million gallons are sold per day. If the government sets a price ceiling of $2.00 per gallon, which of the following is true
less than 5 million gallons of milk will be sold

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09-12-2022
Business

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Assume that the current market equilibrium price for milk is $2.80 per galloon and that 5 million gallons are sold per day. If the government sets a price ceiling of $2.00 per gallon, which of the following is true
less than 5 million gallons of milk will be sold

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charithran8975 charithran8975 · Answer 1 · 2022-12-16T08:23:54+01:00

The true statement is less than 5 million gallons of milk will be sold. Because of the price ceiling, the supply of milk declines.

The maximum legal price that can be demanded by the seller, as defined by the government, is generally referred to as the price ceiling.

The milk's equilibrium market price is $2.80.

The price cap is set below the $2 equilibrium market price for milk.

The milk supply will decline as a result of the price cap.

Lacking choices include "There will be an increase in milk consumption. Less milk will be available. More than 5 million gallons of milk will be sold, indicating that there will be an excess supply of milk on the market. Sales of milk will total less than 5 million gallons."

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Assume that the current market equilibrium price for milk is $2.80 per galloon and that 5 million gallons are sold per day. If the government sets a price ceiling of $2.00 per gallon, which of the following is true less than 5 million gallons of milk will be sold

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Assume that the current market equilibrium price for milk is $2.80 per galloon and that 5 million gallons are sold per day. If the government sets a price ceiling of $2.00 per gallon, which of the following is true
less than 5 million gallons of milk will be sold