The two economic laws that will apply to this scenario are the law of demand and the law of supply. The law of demand states that as prices rise, quantity demanded decreases. In this case, with price controls on bacon, the price for consumers will be artificially lower, resulting in an increase in demand for bacon. On the other hand, the law of supply states that as prices rise, quantity supplied increases. However, with price controls in place, producers may have less incentive to supply bacon to the market, potentially leading to a shortage. Ultimately, the market for bacon will experience increased demand from consumers but potentially reduced supply from producers due to the price controls.
