Business, 03.03.2020 18:28 Niah628

Suppose that the city of Lethbridge decrees that all restaurants located within a 15 mile radius of the University of Lethbridge can charge no more than exist1 a meal so that college students can eat out economically. Which of the following is NOT a likely result of this price ceiling?
There will be food surpluses at many of the restaurants as quantity supplied exceeds quantity demanded at a price of exist1 per meals.
Some restaurants will choose to secretly sell meals at exist5 each to consumers who are willing to pay this higher price.
People will waste time standing outside long lines to camp for food.
The portion sizes and quality at the finest dining establishments at Lethbridge will decrease significantly.

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Suppose that the city of Lethbridge decrees that all restaurants located within a 15 mile radius of...

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