Multiple Choice
Suppose state governments,in an attempt to help save the family farm,issued licenses that allowed them to grow a heretofore-illegal substance.As a result,
A) both equilibrium price and quantity of the substance will rise.
B) both equilibrium price and quantity of the substance will fall.
C) equilibrium price will rise and equilibrium quantity will fall for the substance.
D) equilibrium price will fall and equilibrium quantity will rise for the substance.
Correct Answer:
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