If a Price Floor Is Set at $23 in the Market

question 2

Multiple Choice

If a price floor is set at $23 in the market shown in the graph, the total number of units traded will:

• A) fall by 20, relative to equilibrium.
• B) fall by 27, relative to equilibrium.
• C) fall by 37, relative to equilibrium.
• D) rise by 10, relative to equilibrium.

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Definitions:

Decentralized Authority

An organizational structure where decision-making and authority are distributed among various levels and departments rather than being concentrated at a central point.

Organic Designs

A flexible and informal approach to organizational structure that aims to promote creativity, empowerment, and adaptability.

Narrow Spans Of Control

An organizational structure where managers supervise a small number of subordinates, allowing for close supervision and more intensive management but potentially leading to longer chains of command and reduced autonomy for workers.

Wider Spans Of Control

A management structure where a single supervisor oversees a larger number of subordinates, promoting autonomy and reducing hierarchical layers.