Consider a Market for Fish Whose Market Demand and Market

question 115

Multiple Choice

Consider a market for fish whose market demand and market supply for fish are specified as Qd = 300 − 2.5P and Qs = − 20 + 1.5P, respectively. The government decides to impose a price ceiling of $50 per ton. What would be the resulting market distortion?

• A) Shortage of 120 tons of fish
• B) Shortage of 175 tons of fish
• C) Surplus of 120 tons of fish
• D) Surplus of 175 tons of fish

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Definitions:

Adlerian Therapy

A psychological approach based on the work of Alfred Adler, focusing on creating feelings of courage, encouragement, and community as a way to overcome feelings of inferiority.

Logo Therapy

A form of psychotherapy that emphasizes finding meaning in life, founded by Viktor Frankl, focusing on the future and what the individual can achieve through meaning.

Actualization

The process of realizing or achieving one’s potential or self-fulfillment, often associated with Maslow's hierarchy of needs.

Unconditional Positive Regard

The complete acceptance and support of a client by a therapist, regardless of what the client says or does, fostering an environment of safety and trust.