Consider the US market for chocolate, a market in which the government has imposed a price ceiling. Which of the following events could convert the price ceiling from a nonbinding to a binding price ceiling? a. a sharp drop in consumer income; chocolate is a normal good. b. a government study that shows that consuming chocolate increases the incidence of cancer. c. a large increase in the size of the cocoa bean crop; cocoa beans are used to produce chocolate. d. South American cocoa bean producers refuse to ship to chocolate producers in the US.
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