-Refer to the Table Above

question 54

Multiple Choice

$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price Per } \\\text { Pair }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \text { R20 } & 18 & 3 \\\hline \text { R40 } & 14 & 4 \\\hline \text { R60 } & 10 & 5 \\\hline \text { R80 } & 6 & 6 \\\hline \text { R100 } & 2 & 8 \\\hline\end{array}$
-Refer to the table above. In the supply and demand schedules for socks shown here, if a price ceiling of R60 is imposed by the government, there will be a

• A) shortage of socks equal to 6 pairs.
• B) shortage of socks equal to 5 pairs.
• C) a surplus of socks equal to 5 pairs.
• D) a surplus of socks equal to 8 pairs.

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Definitions:

Partnership Dispute

Conflicts that arise between partners in a business regarding issues like operations, profitability, or management.

Legal Issues

Disputes or points of concern that require interpretation and resolutions within the framework of the law.

Custody Dispute

A legal conflict regarding the guardianship of a child between parties, typically following a separation or divorce.

Mediation

A voluntary and confidential process in which a neutral third party helps disputing parties reach a mutually satisfactory settlement.