The Table Given Below Reports the Quantity Demanded and Supplied

question 24

Multiple Choice

The table given below reports the quantity demanded and supplied of a commodity at different prices in a market.Table 3.5

-Refer to Table 3.5. If government imposes a price floor of $2:

• A)the price floor will not have an effect.
• B)the price will fall to $1 because producers will be forced to incur losses.
• C)demand will increase.
• D)a surplus will result equal to 20 units.
• E)a shortage will result equal to 20 units.

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Definitions:

Salience

The quality of being particularly noticeable or important; in research, it refers to features that stand out and are likely to influence perceptions and behaviors.

Ecological Validity

The extent to which the findings of a study are applicable and relevant to real-life settings.

Internal Validity

The degree to which a study establishes a trustworthy cause-and-effect relationship between a treatment and an outcome.

Generalizability

The extent to which the findings from a study can be applied or extended to broader populations, settings, or times.