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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Definitions:

Measure of Agreement

An assessment of the consistency or reproducibility of ratings or assessments made by different evaluators.

Measure of Consistency

An indicator of the reliability or stability of scores or measurements across different instances or over time.

Measure of Stability

A metric used to assess the consistency or reliability of a measurement over time.

Error Score

The difference between an observed value and the true value, often used in the context of measurement and assessment to evaluate accuracy.