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One year during this period a poor harvest had a negative impact on supply of bread and the supply curve shifted resulting in an increase in market price. New York bakers found that the controlled price of bread in New York was below the new market price.

Draw a diagram showing the effect of the price control during this one year period. Did the price control policy worked as a price ceiling or price floor in this new scenario?

What inefficiencies could arise in this time period?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9498892

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