In the Following Graph, Q_S and Q_D Represent the Supply

question 43

Multiple Choice

In the following graph, Q_S and Q_D represent the supply and the demand curves respectively. Refer to the graph to answer the question.
If the minimum price of the good is set at £2, which of the following is likely to happen?

• A) The minimum price will not affect quantity demanded or supplied as it is set above the equilibrium price.
• B) The total quantity of the good bought and sold in the market will be equal to 200 units.
• C) There will be a surplus of 200 units in the market.
• D) The imports of the good will increase.

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