(Table: Equilibrium Price, Quantity) Refer to the Table

question 60

Multiple Choice

(Table: Equilibrium Price, Quantity) Refer to the table. If theprice in the market was $16, there would be a:

• A)shortage of 10 units.
• B)shortage of 35 units.
• C)surplus of 10 units.
• D)surplus of 45 units.

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Definitions:

Picketing

The act of standing or marching outside a place of work or another location as a form of protest, often by workers during a strike.

Preferred Shares

Shares giving the shareholder preference over other classes of shares; that preference often pertains to the payment of dividends.

Legal Obligation

A legal obligation is a requirement imposed by law, where a person is required to perform or refrain from performing a certain action.

Dividends

Payments made by a corporation to its shareholders, usually derived from the company's profits.