Suppose that the city of Lethbridge decrees that all restaurants located within a 15 mile radius of the University of Lethbridge can charge no more than exist1 a meal so that college students can eat out economically. Which of the following is NOT a likely result of this price ceiling?
There will be food surpluses at many of the restaurants as quantity supplied exceeds quantity demanded at a price of exist1 per meals.
Some restaurants will choose to secretly sell meals at exist5 each to consumers who are willing to pay this higher price.
People will waste time standing outside long lines to camp for food.
The portion sizes and quality at the finest dining establishments at Lethbridge will decrease significantly.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)