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Figure 5-1 -In Figure 5-1,S₁ and D Illustrate the Demand and Supply

question 165

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Figure 5-1
Figure 5-1    -In Figure 5-1,S₁ and D illustrate the demand and supply for a product if it were produced in a normal competitive market.Which of the following would be true if the firms in the industry were instead able to get government licensing restrictions to limit competition in the market? A) The restricted market supply would be S₃,resulting in a lower price and a higher than efficient level of output. B) The restricted market supply would be S₃,resulting in a higher price and a less than efficient level of output. C) The restricted market supply would be S₂,resulting in a lower price and a higher than efficient level of output. D) The restricted market supply would be S₂,resulting in a higher price and a less than efficient level of output.
-In Figure 5-1,S₁ and D illustrate the demand and supply for a product if it were produced in a normal competitive market.Which of the following would be true if the firms in the industry were instead able to get government licensing restrictions to limit competition in the market?


Definitions:

Obsessive-Compulsive Disorder

A mental disorder characterized by repetitive, unwanted thoughts (obsessions) and irrational, excessive urges to do certain actions (compulsions).

Conversion Disorder

A mental health condition where a person has blindness, paralysis, or other nervous system symptoms that cannot be explained by medical evaluation.

Compulsive

Pertaining to behavior performed persistently and repetitively without rational motivation, often to the detriment of the individual's well-being.

Obsessive

Characterized by persistent, intrusive, and unwanted thoughts or behaviors that are difficult to suppress or ignore.

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