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Question: suppose policy makers decide to impose a price ceiling on...

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suppose policy makers decide to impose a price ceiling on a good they think

QUESTION 20 Suppose policymakers decide to impose a price ceiling on a good because they think the market-determined price is too high. if the government imposes the price ceiling below the equilibrium price, as the government of Venezuela is currently doing in many markets- including the market for food, (choose all correct answers) producers will respond to the lower price by offering fewer units for sale every period. A surplus will arise at the new lower price Consumers will waste a lot of time searching for the good, which has become much more scarce than before the price ceiling was imposed A shortage will arise at the new lower price. Consumers will be able to purchase more of the good after the price ceiling is imposed
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