Assume a price floor is imposed in the wheat market at the equilibrium price and that a price ceiling is imposed in the gasoline market at the equilibrium price. An increase in supply in both the wheat and gasoline markets will create:
a. surpluses in both the wheat and gasoline markets
b. shortages in both the wheat and gasoline markets.
c. a surplus in the wheat market and an increase the quantity of gasoline traded.
d. a surplus in the wheat market and a shortage in the gasoline market.
c
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