$\text { Demand and Supply Schedules for Chocolate Bars }$

question 67

Multiple Choice

$\text { Demand and Supply Schedules for Chocolate Bars }$
$\begin{array}{|c|c|c|}\hline \begin{array}{c}\text { Price } \\(\$) \end{array} & \begin{array}{c}\text { Quantity Demanded } \\\text { (thousandsperweek) }\end{array} & \begin{array}{c}\text { Quantity Supplied } \\\text { (thousands per week) }\end{array} \\\hline 2.00 & 1500 & 2100 \\\hline 1.80 & 1600 & 2050 \\\hline 1.60 & 1700 & 2000 \\\hline 1.40 & 1800 & 1950 \\\hline 1.20 & 1900 & 1900 \\\hline 1.00 & 2000 & 1850 \\\hline 0.80 & 2100 & 1800 \\\hline 0.60 & 2200 & 1750 \\\hline 0.40 & 2300 & 1700 \\\hline\end{array}$
$\text { TABLE 5-1 }$
-Refer to Table 5- 1. Suppose the government imposed a price of $1.80 per chocolate bar. A likely result from this policy is

• A) the allocation of chocolate bars on a first- come, first- serve basis.
• B) the allocation of chocolate bars by sellers preference.
• C) the rationing of chocolate bars.
• D) the development of a black market in chocolate bars.
• E) the stockpiling of unsold inventories of chocolate bars.

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Definitions:

Abstraction

Is the ability to create general concepts that meaningfully organize sensory experience.

Communication

The process of transferring information, ideas, and feelings from one entity or group to another through the use of mutually understood signs, symbols, and language.

High Culture

Is enjoyed mainly by upper classes.

Popular Culture

Is enjoyed by all classes.