Should the government regulate the price of bananas? Diclaimer: This is not a homework question. Every word of it was written originally by me.

Hypothetical Scenario

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.

Question

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?
(source: dineshbakshi.com)  

As you can see in the graph, price controls policies create excess demand, therefore you will end up with shortage or you will import more bananas.

I'm not a banana expert, but I assume bananas are pretty inelastic. Also, banana supply is inelastic in the short run (they have already planted bananas), therefore the excess demand will be less than the graph shows.

Whatever the case, price control policies generate deadweight loss and it depends on the elasticities who loses more (consumer vs supplier). This market is no longer efficient and that impacts the welfare negatively.