Venezuelans organize to overcome food shortages The government of Venezuela controls the price of food and there are shortages of milk, rice, coffee, pasta, sugar, corn flour and cooking oil. Eggs have disappeared from store shelves. Source: www.teleSURtv.net/english, November 27. 2015 *** The price controls described in the news clip are OA. price ceilings OB. price floors The graph nh (...)
Venezuelans organize to overcome food shortages The government of Venezuela controls the price of food and there are shortages of milk, rice, coffee, pasta, sugar, corn flour and cooking oil. Eggs have disappeared from store shelves. Source: www.teleSURtv.net/english, November 27. 2015 *** The price controls described in the news clip are OA. price ceilings OB. price floors The graph nh (...)
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 2SQP
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![Venezuelans organize to overcome food shortages
The government of Venezuela controls the price of food and there are
shortages of milk, rice, coffee, pasta, sugar, corn flour and cooking oil.
Eggs have disappeared from store shelves.
Source: www.teleSURtv.net/english, November 27. 2015
The price controls described in the news clip are
A. price ceilings
OB. price floors
The graph shows the demand and supply of food in Venezuela.
Draw a line to show the price control described in the news clip.
Draw an arrow at the price control to show the shortage or the surplus
created by the price control. Give it the appropriate label.
Selected:
none
C
60-
50-
40-
30-
20-
10-
0+
0
Price (bolivars per unit)
$
Delete Clear ?
O
100 200 300 400 500 600 700
Quantity (units of food)
>>> Draw only the objects specified in the question.
Next
=S
X
▸
5 US](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc44480fa-8561-40ca-ba5f-1b72ea7668cf%2Fdde9296b-7e22-486c-bedd-c573d14645b4%2Fg0gx2au_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Venezuelans organize to overcome food shortages
The government of Venezuela controls the price of food and there are
shortages of milk, rice, coffee, pasta, sugar, corn flour and cooking oil.
Eggs have disappeared from store shelves.
Source: www.teleSURtv.net/english, November 27. 2015
The price controls described in the news clip are
A. price ceilings
OB. price floors
The graph shows the demand and supply of food in Venezuela.
Draw a line to show the price control described in the news clip.
Draw an arrow at the price control to show the shortage or the surplus
created by the price control. Give it the appropriate label.
Selected:
none
C
60-
50-
40-
30-
20-
10-
0+
0
Price (bolivars per unit)
$
Delete Clear ?
O
100 200 300 400 500 600 700
Quantity (units of food)
>>> Draw only the objects specified in the question.
Next
=S
X
▸
5 US
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