Exhibit 4-10 Supply and Demand Data for Apricots -Which of the Following Would Occur If the Government Set

question 99

Multiple Choice

Exhibit 4-10 Supply and demand data for apricots $$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Bushels demanded } \\\text { per month }\end{array} & \begin{array} { c } \text { Price per } \\\text { bushel }\end{array} & \begin{array} { c } \text { Bushels supplied } \\\text { per month }\end{array} \\\hline 50 & \$ 5 & 80 \\55 & 4 & 75 \\60 & 3 & 70 \\65 & 2 & 65 \\70 & 1 & 55 \\\hline\end{array}$$
-Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?

• A) There would be a shortage of apricots.
• B) Buyers would not want to purchase all of the apricots that are supplied.
• C) There would be a surplus of apricots.
• D) Farmers would reduce the number of acres allocated to the growing of apricots.

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