Figure 4-17 Refer to Figure 4-17

question 82

Multiple Choice

Figure 4-17 Refer to Figure 4-17. Which of the following price controls would cause a shortage of 10 units of the good?

• A) a price ceiling of $5.50
• B) a price floor of $5.50
• C) a price ceiling of $6.50
• D) a price floor of $6.50

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Definitions:

Scarce Resources

Limited availability of resources that are necessary for humans or an organization to meet its needs or to achieve its goals.

Production Possibilities

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).

Labor Hours

The total amount of work time that a worker or workforce expends on producing goods or providing services in a given period.

Pastrami

A seasoned and smoked meat product made from beef, typically enjoyed as a deli sandwich filling.