Figure 1.1 -Refer to Figure 1-1.Using the Information in the Figure Above

question 17

Multiple Choice

Figure 1.1

-Refer to Figure 1-1.Using the information in the figure above, calculate the percentage change in revenue from alcoholic beverage sales between 2013 and 2016.

• A)23.1%
• B)23.8%
• C)30%
• D)42.9%

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Definitions:

Product Shortage

A situation where the demand for a product exceeds its supply in the market.

Legal Ceiling Price

A maximum price set by government regulation that sellers are allowed to charge for a good or service, intended to protect consumers from excessive pricing.

Equilibrium Price

The rate at which the amount of a product supplied matches the amount of the product demanded.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.