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:

Quantity of Money

The complete encompassment of monetary resources in an economy at a given time.

Cost of Living

An economic concept that estimates the amount needed to cover basic expenses in a particular place and time period.

Future Income

Expected earnings or revenue streams in the coming periods, often factored into financial planning and investment decisions.

Credit Cards

Financial instruments issued by banks and other financial institutions that allow users to borrow funds to pay for goods and services with the promise to repay the borrowed amount along with possible interest.