Suppose the Market in the Graph Shown Is in Equilibrium

question 153

Multiple Choice

Suppose the market in the graph shown is in equilibrium. If a price floor is set at $13, the total number of units traded:

• A)falls by 5.
• B)falls by 3.
• C)increases by 2.
• D)increases by 5.

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Definitions:

Voucher System

A method of accounting in which a record is kept for each transaction, detailing the necessary approvals and documentation.

Source Documents

Original records that provide evidence of financial transactions, such as receipts, invoices, or bank statements.

Invoice

A document detailing a transaction between a buyer and seller, including the quantities, prices, terms, and conditions of sale.

Tickler File

A reminder system or method used for tracking deadlines and important dates, often organized by date.