In the late 1500s, the city of Antwerp was under siege by the Duke of Parma. The siege caused the price of food to rise, so the government of Antwerp established a price ceiling set at a value similar to that before the siege. Merchants, fearing the duke's ability to sink their ships, refused to ferry food into the city that they could sell only at a normal price. Which important effect of a price control BEST describes this story?
a. reduction opf product quality
b. wasteful lines
c. a loss in gains from trade
d. a misallocation of resources
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