Which would be the least likely result of a price ceiling imposed in the market for gasoline?
A) Buyers line up to buy gasoline.
B) Buyers bribe station attendants to fill up their tanks.
C) Some buyers will get less gasoline than they want.
D) Competition in the market will be eliminated.

Question

Quizplus · Accepted Answer

Imposing a price ceiling in the market for gasoline will likely result in a shortage of supply as the price is not able to adjust to the market demand. It may lead to long lines and buyers getting less gasoline than they want. However, it is unlikely to eliminate competition in the market. Bribing attendants to fill up tanks is also possible but not as likely as the other outcomes. Therefore, the least likely result is D, which is the elimination of competition in the market.

Which Would Be the Least Likely Result of a Price