Simplify the Expression

question 52

Multiple Choice

Simplify the expression.

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Definitions:

Price Floor

A minimum price set by the government or other agency, below which a product cannot legally be sold.

Shortage

A situation where the demand for a product or service exceeds the supply available.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at a given price.

Equilibrium Quantity

The amount of products or services available and sought after at the equilibrium price, where the supply meets the demand.