If Government Set a Minimum Price of $50 in the
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question 264

Multiple Choice

$$\begin{array} { | c | r | c | } \hline \text { Quantity Demanded } & \text { Price } & \text { Quantity Supplied } \\\hline 52 & \$ 50 & 73 \\\hline 62 & 45 & 62 \\\hline 72 & 40 & 51 \\\hline 82 & 35 & 42 \\\hline 92 & 30 & 33 \\\hline\end{array}$$ If government set a minimum price of $50 in the market, a

• A) shortage of 21 units would occur.
• B) shortage of 125 units would occur.
• C) surplus of 21 units would occur.
• D) surplus of 125 units would occur.

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Definitions:

Defense Mechanism

Psychological strategies employed unconsciously to protect the self from anxiety, social sanctions, or to provide a refuge from a situation with which one cannot currently cope.

Oedipus Complex

A psychoanalytic theory by Freud, referring to a child's feelings of desire for the opposite-sex parent and jealousy towards the same-sex parent.

Phallic Complex

The phallic complex is a concept in psychoanalytic theory referring to a stage of psychosexual development where children's interest and attachment are focused on their genitalia and the differences between sexes.

Better-Than-Average Effect

A cognitive bias where individuals overestimate their own qualities and abilities relative to others.