If the government set a price ceiling of $.25 for a loaf of bread, the most likely consequence would be?

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22-08-2022
Business

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If the government set a price ceiling of $.25 for a loaf of bread, the most likely consequence would be?

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AmitPaswan AmitPaswan · Answer 1 · 2022-08-26T06:34:14+02:00

If the government set a price ceiling of $.25 for a loaf of bread, the most likely consequence would be shortage of the product.

Price ceiling acts as a tool of control imposed by the govt on selected commodities so as to stop consumers from being charged high prices. Price ceiling also can be recognized as a legal maximum price set by the government on selected goods and services to create those commodities attainable to all or any consumers.

If price ceiling is above the prevailing value, it has no direct effect. But, if price ceiling is below the present value, the market experiences the problem of shortage.

When price ceiling is below the market value, producers will start to slow or stop their production process resulting less supply of commodity within the market. On the other hand, demand of the consumers for such commodity increases with the autumn in price. And with this disparity between supply and demand of the commodity, shortage is formed within the market.

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