if, however, the price ceiling is set at a level lower than the equilibrium level, there will be a shortage of rice on the market:
Suppliers will be induced to violate the price ceiling because they know that there is demand in the market at a higher price point. At any point between the price ceiling and the equilibrium price the suppliers will still be able to sell rice:
The government likely implemented the price ceiling in order to ensure that the poorest people can afford to eat rice. The government would need to support this market distortion in two ways. The first is that the government would likely need to enforce the price ceiling strictly, as merchants would otherwise have incentive to exceed...
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