When price ceilings on beef were imposed under the Nixon administration,cattle ranchers generally responded by

Question

Quizplus · Accepted Answer

When price ceilings were imposed, cattle ranchers found it difficult to make a profit by selling their beef at lower prices. Therefore, they responded by deliberately creating a market shortage. By reducing the supply of beef, they could sell their product at prices higher than the imposed ceiling. This strategy helped them maintain their profits and avoid losses due to price controls.

When Price Ceilings on Beef Were Imposed Under the Nixon