Use the Table Below to Answer the Following Questions

question 1

Multiple Choice

Use the table below to answer the following questions.
Table 6.5.1
The Market for a Prohibited Good
-Refer to Table 6.5.1.If a $2-per-unit cost of breaking the law is imposed on buyers,the new price is ________ and the new equilibrium quantity is ________ units.

• A)$8;400
• B)$8;300
• C)$7;300
• D)$9;300
• E)$8;200

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Definitions:

High-Pressure Liquid

Refers to a liquid under pressure greater than atmospheric pressure, often found in hydraulic systems to transmit power.

Refrigeration Cycle

The process in which a refrigerant absorbs and releases heat to cool and dehumidify the air in an air conditioning system.

Metric Measurement

A system of measurement based on meters, liters, and grams as units of length, volume, and weight respectively.