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

question 25

Multiple Choice

If a price floor is set at $23 in the market shown in the graph:

• A)excess supply of 27 will occur.
• B)excess supply of 37 will occur.
• C)excess supply of 10 will occur.
• D)no excess supply will occur.

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Definitions:

Obsessive-Compulsive Disorder

A mental health disorder characterized by repetitive, unwanted thoughts (obsessions) and behaviors (compulsions) that drive an individual to act in certain ways.

Lower Intelligence

A term used to describe IQ scores or cognitive abilities that are significantly below the average for a person's age group.

Perfectionistic Personality

A psychological trait characterized by striving for flawlessness and setting excessively high performance standards, accompanied by overly critical self-evaluations and concerns regarding others' evaluations.

Compulsion

An uncontrollable urge to perform an act, often repetitively, as a way of relieving anxiety.