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If the equilibrium price of gasoline is $3

Marketing

If the equilibrium price of gasoline is $3.00 per gallon and the government will not allow oil companies to charge more than $2.00 per gallon of gasoline, which of the following will most likely happen?

a. The market will be in equilibrium at a price of $2.00.

b. Supply must eventually increase so that the market will come into equilibrium at a price of $2.00.

c. Demand must eventually decrease so that the market will come into equilibrium at a price of $2.00.

d. A nonprice rationing system such as ration coupons must be used to allocate the available supply of gasoline.

Option 1

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