ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Consider the market for plywood in a costal Florida town, which was hit by a hurricane. The residents need to rebuild their houses and are buying plywood in large quantities. To keep the price of plywood from going up too high, the Governor of Florida has decided to impose price controls in the wake of the hurricane. What is the most likely outcome?


a. People will be able to obtain the plywood that they need.

b. Plywood suppliers from out of state will increase deliveries to Florida to take advantage of the strong demand.

c. There will be persistent excess demand for plywood.

d. Quantity supplied will increase to meet new demand.

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