Why did Venezuela experience a shortage of basic food in 2006? A because the price of...
Why did Venezuela experience a shortage of basic food in 2006?
| A |
because the price of basic food was legally prevented from rising to its equilibrium level |
|
| B |
because the demand for goods that weren't subject to price controls decreased. |
|
| C |
because the supply of fertilizer to farmers had decreased too much |
|
| D |
because president Hugo Chavez had allowed food exports. |
Homework Answers
because the price of basic food was legally prevented from rising to its equilibrium level.
Price floor was implemented in the market which prevented the price to fall. This resulted in higher quantity supplied and lower quantity demanded leading to shortage.
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