Suppose the government has imposed a price ceiling on sliced sandwich bread. Which of the following events could transform the price ceiling from one that is binding to one that is not binding? a. A decrease in the price of lunch meat. b. An decrease in the price of peanut butter and jelly. c. A decrease in the price of unsliced bread, which people consider a substitute for sliced bread. d. An increase in the price of flour, which is used to make bread.
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