According to a news story, in early 2019, sales of beef and pork in Venezuela had declined

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According to a news story, in early 2019, sales of beef and pork in Venezuela had declined by 60 percent since 2012, and sales of chicken had declined by 74 percent. The government had imposed price ceilings on beef, pork, and chicken. With prices kept low by price controls, shouldn’t consumers in Venezuela have been buying more beef, pork, and chicken, not less? Illustrate your answer with a graph of the chicken market.

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Macroeconomics

ISBN: 9780135801741

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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