Exhibit 4-10 Supply and Demand Data for Apricots

question 117

Multiple Choice

Exhibit 4-10 Supply and demand data for apricots
In Exhibit 4-10, assume that the government initially sets a price floor of $4 for apricots, and then removes the $4 price floor. What effect will this price change have?

• A)The price of apricots will rise.
• B)The quantity of apricots demanded will fall.
• C)The quantity of apricots supplied will decline.
• D)Quantity supplied will continue to exceed quantity demanded.

---

Definitions:

Liability

The state of being legally responsible for something, typically involving a financial or legal obligation.

Legal Owner

refers to the individual or entity that has the right to control, manage, and dispose of property or assets under the law.

Ethical Consideration

Refers to the moral principles that guide individuals and organizations in making decisions.

E-Commerce

The buying, selling, and exchanging of goods and services over the Internet, including the processing of payments and the delivery of products and services.