Use the Following to Answer Questions

question 124

Multiple Choice

Use the following to answer questions:
-(Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $0.50 per can of soda, there will be:

• A) a shortage of two cans.
• B) a shortage of three cans.
• C) a surplus of three cans.
• D) equilibrium in the market for soda.

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Definitions:

Gain From Trade

The benefit or advantage resulting from the exchange of goods or services between parties.

International Trade

The movement of goods and services across the demarcations of international borders or territories.

Benefit All

A principle or approach aimed at ensuring policies or actions lead to positive outcomes for the entire population or group involved, not just a select few.

Citizens

Members of a particular nation or state who are recognized under the law as legal members of that nation, entitled to rights and subject to its obligations.