When opec raised the price of crude oil in the 1970s. it caused the


When OPEC raised the price of crude oil in the 1970s, it caused the United States nonbinding price floor on gasoline to becom

Answer

ANSWER:- (C)nonbinding price ceiling on gasoline to become binding

When OPEC raised the price of crude oil in the 1970s, the United States’ nonbinding price ceiling became binding. When a price ceiling becomes binding, the quantity demanded surpasses the quantity supplied resulting in a shortage.

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