A graph in the first quadrant is shown with price per gallon…
A graph in the first quadrant is shown with price per gallon on the vertical axis, labeled from 0 to 2.5 in increments of 0.5, and quantity of gasoline in billions of gallons on the horizontal axis, labeled from 0 to 20 in increments of 2. Two lines are plotted. One is increasing from left to right and is labeled supply, and the other is decreasing from left to right and is labeled demand. The lines cross near the center of the graph at quantity 10 and price 1.5, and they are nearly perpendicular. Dashed horizontal reference lines are drawn from price 2.0 to the supply line, from price 1.5 to the intersection of the supply and demand lines, and from price 1.0 to the demand line. Vertical reference lines are drawn from quantity 6 to the intersection of the supply line with the horizontal reference line at price 1.0, from quantity 8 to the intersection of the demand line with the reference line at price 2.0, from quantity 10 to the intersection of the supply line, the demand line, and the reference line at price 1.5, from quantity 12 to the intersection of the demand line with the reference line at price 1.0, and from quantity 14 to the intersection of the supply line and the reference line at price 2.0. In the market depicted in the diagram above, if the government imposes a price ceiling of $1.00 per gallon on gasoline, which of the following will result?
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