Diclaimer: This is not a homework question. Every word of it was written originally by me.
Alice is shopping for groceries and thinks the current price of bananas at
$0.79/lb is a little too high for her budget. Alice calls Bob, her local legislator, and asks Bob to sponsor a bill that regulates the price of bananas to cost no more than $0.50/lb in the grocery store so Alice can afford to buy them.
Bob thinks this is a great idea because it will help more people (especially the poor and those on a fixed income) afford to buy more bananas — a very nutritious food.
Is this bill to regulate the price of bananas really a good idea? What would be the impact of such a law if it were to pass?