Use the Following to Answer Question

question 108

Multiple Choice

Use the following to answer question:
-(Figure: Supply and Demand) Use Figure: Supply and Demand.A price ceiling of P₃ causes:

• A)a shortage equal to the distance AB.
• B)a surplus equal to the distance AB.
• C)a shortage equal to the distance DE.
• D)no change to the market.

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Definitions:

U.S. Senate

One of the two houses of the United States Congress, composed of senators from each state who serve six-year terms, with responsibilities including legislation and oversight of the government.

Administrative Law

The collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes.

Substantive Rules

Laws that define, describe, regulate, and create legal rights and obligations, as opposed to procedural laws that dictate the methods through which these rights and obligations are enforced.

Constitutional Law

The general limits and powers of a government as interpreted from its written constitution.