Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the Figure

question 21

Multiple Choice

Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the figure. At a price of $3, quantity supplied is ______ and quantity demanded is ______, leading to a _______.

• A) 6; 2; surplus of 4 units
• B) 2; 6; shortage of 8 units
• C) 2; 4; surplus of 2 units
• D) 4; 2; shortage of 2 units

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Definitions:

Oliver Wendell Holmes

An influential American Supreme Court Justice known for his wit and legal wisdom, serving from 1902 to 1932.

Louis Brandeis

An American lawyer and Associate Justice on the Supreme Court of the United States (1916–1939), known for his advocacy of privacy, free speech, and limiting the power of large corporations.

Schenck v. United States

A landmark Supreme Court case in 1919 that upheld the Espionage Act of 1917 and concluded that speech creating a "clear and present danger" is not protected under the First Amendment.

Anti-Draft Leaflets

Pamphlets or flyers distributed to oppose or criticize conscription policies.