Refer to the Accompanying Figure for the Following Questions

question 80

Multiple Choice

Refer to the accompanying figure for the following questions.

-The accompanying figure describes the market for gasoline in a local community.If the government were to place a price floor at P₃,what would be the resulting surplus or shortage?

• A) There would be a shortage of 75,000 units.
• B) There would be a surplus of 75,000 units.
• C) There would be neither a shortage nor a surplus.
• D) There would be a shortage of 150,000 units.
• E) There would be a surplus of 150,000 units.

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Definitions:

Latitude

A geographic coordinate that specifies the north-south position of a point on the Earth's surface.

Tropical Rain Forest

A dense, warm, wet forest biome located near the equator, known for its biodiversity and role in the global climate.

Nutrient Poor

Describes environments or substances that lack sufficient nutrients to support healthy plant or animal growth.

High Density

A characteristic referring to a substance having a high mass per unit volume, often compared within the context of different materials or components.