Figure 9.3.2 -Refer to Figure 9.3.2 Above. If the Government Establishes a Establishes

question 172

Multiple Choice

Figure 9.3.2
-Refer to Figure 9.3.2 above. If the government establishes a price floor of $2.50 and farmers grow only the amount of berries that will be sold, the resulting deadweight loss will be:

• A) $1.50.
• B) 200 pounds of berries.
• C) $150.
• D) $250.
• E) $300.

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Definitions:

Original Jurisdiction

The power of a court to take a case, try it, and decide it.

Appellate Jurisdiction

The power of a court to hear and decide an appeal. The authority of a court to review cases that have already been tried in a lower court and to make decisions about them without holding a trial.

Criminal

Relating to crimes or the legal system that deals with crimes and their punishments.

In Rem Jurisdiction

A legal term referring to the court's power to adjudicate matters pertaining to property within its territorial jurisdiction, regardless of the owner's location.