The Below Figure Shows the Demand and Supply Curves in the Market

question 47

Multiple Choice

The below figure shows the demand and supply curves in the market for gasoline. The price and quantity at the point of intersection of the demand and supply curves is $30 and 300 gallons respectively.Figure 3.6

-The removal of a price ceiling in a market results in:

• A)an increase in the market price.
• B)a shortage in the market.
• C)over-production of the commodity and a surplus.
• D)a fall in the market price.
• E)abnormal profits for producers.

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Definitions:

Shipped On Time

The process of delivering goods to their destination by the promised time frame.

Ease Of Doing Business

An index that measures the regulatory environment of a country and its impact on the ability to start, operate, and close a business.

Customer Relationship Management

A strategy for managing an organization's relationships and interactions with customers and potential customers.

Customer Satisfaction

The degree to which a product or service meets or exceeds customer expectations.