Use the Table Below to Answer the Following Questions

question 86

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 both the buyers and the sellers,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:

Objective Measures

Assessments based on observable and measurable facts, used in various fields to ensure fairness and accuracy in decision-making.

Professional Sports

Athletic activities and competitions conducted by individuals who receive financial compensation for their performance.

Minimum Wage

The minimum wage permitted by law for the majority of employees.

Unemployed Workers

Individuals actively seeking employment but unable to find work, comprising part of the labor force that is not currently employed.