Answer to Question #61023 in Microeconomics for jerrod

Question

The government imposes a minimum price on gasoline that is above the equilibrium price. You accurately predict that
A.
the law will create an excess supply of gasoline.
B.
gas stations will start refurnishing their stations.
C.
less gasoline will be available to buy.
D.
the law will have no economic impact.

Answer 1

A. the law will create an excess supply of gasoline.