​Exhibit 4-11 Refer to Exhibit 4-11

question 120

Multiple Choice

​Exhibit 4-11 Refer to Exhibit 4-11.  Suppose that the government imposes a price ceiling in the market for good ABC at a price of $4.  The result of the price ceiling would be a ____________ of ______ units of good ABC.

• A)shortage; 20
• B)surplus; 20
• C)shortage; 60
• D)surplus; 60

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Definitions:

Oversimplified

Describes an explanation or concept that has been made too simple, losing accuracy or failing to capture complexity.

Pre-Coded

Pertains to data or information that has been prearranged in a specific format or scheme to facilitate processing or analysis.

Ambiguities

Situations or statements that are unclear or have multiple interpretations.

Subgoaling

A strategy in problem-solving that involves breaking down a goal into smaller, more manageable goals to make the task more attainable.