The Following Question Are Based on the Following Graph Illustrating

question 7

Multiple Choice

The following question are based on the following graph illustrating the market for scallops:

-If the actual price for scallops is $7 per pound,there would be an excess demand of ________ pounds.

• A) zero
• B) 250,000
• C) 750,000
• D) 1,000,000
• E) 1,250,000

---

Definitions:

Arise Directly

Refers to issues or consequences that occur as a direct result of an action or event, with no intermediary steps.

Restitution

Restitution is the act of compensating for loss or damage caused by one’s actions, often involving the return of stolen goods or payment of money to cover damages.

Voidable Contract

A contract that is valid and enforceable on the surface, but can be declared void by one of the parties due to certain defects.

Stipulate

Stipulate means to make a specific demand or condition as part of an agreement or contract.