Assume that the current market equilibrium price for milk is $2.80 per gallon and that 5 million gallons are sold per day. if the government sets a price ceiling of $2.00 per gallon, which of the following is mie?

The supply of milk decreases because of the price ceiling.

Basically, the price ceiling refers to the maximum legal price that can be charged by the seller as determined by the government.

The price ceiling will lead to decrease in the supply of milk.

Therefore, the Option B is correct because the supply of milk decreases because of the price ceiling.

Missing options includes "(A) The demand for milk will increase. (B) The supply of milk will decrease. (C) There will be an excess supply of milk in the market (D) More than 5 million gallons of milk will be sold. (E) Less than 5 million gallons of milk will be sold."

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