Figure 6-8 -Refer to Figure 6-8.When a Certain Price Control Is Imposed

question 89

Multiple Choice

Figure 6-8
-Refer to Figure 6-8.When a certain price control is imposed on this market,the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P₂ dollars per unit for that quantity.If P₁ - P₂ = $3,then the price control is

• A)a price ceiling of $2.00.
• B)a price ceiling of $5.00.
• C)a price floor of $5.00.
• D)either a price ceiling of $2.00 or a price floor of $5.00.

---

Definitions:

Black Bears

A species of bear native to North America, known for its varied diet and adaptability to different habitats.

Brown Bears

Large omnivorous mammals found in various regions across the globe, characterized by their brown fur and significant size.

Overlap

The extent to which two or more entities share common areas, features, or functions.

Hybrid Sterility

A postzygotic reproductive isolating mechanism in which an interspecific hybrid cannot reproduce successfully.