Question: After Katrina, a major hurricane, damaged many U. S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade

After Katrina, a major hurricane, damaged many U. S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade Commission announced that it would investigate price gouging— charging “too much”— and several members of Congress called for price controls on gasoline. What would have been the likely effect of such a law had it been passed?

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