Figure 4-15 in Figure 4-15, Suppose a Price Floor

question 129

Multiple Choice

Figure 4-15 In Figure 4-15, suppose a price floor is established at $20.00. What is the result?

• A) a shortage of 10 units
• B) a surplus of 10 units
• C) a shortage of 20 units
• D) a surplus of 20 units
• E) there is no change from the situation that exists at the equilibrium price

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Definitions:

Netherlands

A country in Western Europe known for its flat landscape, canals, tulip fields, windmills, and cycling routes.

Socioeconomic Status

The social standing or class of an individual or group often measured by education, income, and occupation.

Moral Values

Principles or standards of behavior considered important by a society or individual for distinguishing between right and wrong.

Ethnicity

A dimension of culture based on cultural heritage, nationality, race, religion, and language.