Which of the following would be the least likely result of a price ceiling imposed in the market for gasoline?
A) Buyers line up to buy gasoline.
B) Buyers bribe station attendants to fill up their tanks.
C) Some buyers will get less gasoline than they want.
D) Competition in the market will be eliminated.

Question

Quizplus · Accepted Answer

A price ceiling would likely lead to a shortage of gasoline, as suppliers would not be able to make a profit at the artificially low price. This would lead to long lines and potentially bribery as buyers try to secure the limited supply of gasoline. However, competition in the market would not be eliminated by a price ceiling. In fact, competition may increase as suppliers try to find ways to provide gasoline at a lower cost to make up for the reduced profits from the price ceiling.

Which of the Following Would Be the Least Likely Result