Which of the following is false?
A) In 1965 and 1969 the U.S. federal government imposed price ceilings on gasoline.
B) When the government imposed price ceilings on gasoline in the U.S., the result was a shortage of gasoline.
C) If a price ceiling is imposed (below the equilibrium price) in a given market, the result is a shortage in that market.
D) First-come-first-served is a commonly used rationing device.
Correct Answer:
Verified
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