-The Above Figure Shows the Market for Apples

question 121

Multiple Choice

-The above figure shows the market for apples. If a consumer group convinces the government to set a maximum price of $2 per pound, then

• A)300 pounds of apples will be sold at $2.
• B)no apples will be supplied.
• C)no apples will be demanded.
• D)there will be a shortage of 100 pounds of apples.

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Definitions:

Express Statements

Clearly articulated and directly communicated declarations or assertions.

Implied Warranty of Fitness

An assurance that a product will meet a buyer’s specified purpose when the seller knows the particular purpose for which the buyer will use the goods.

Survival Hike

An outdoor adventure aimed at testing or improving the skills necessary to survive in wilderness conditions.

Personal Injury

Physical or psychological harm to a person resulting from the negligence, recklessness, or intentional misconduct of another party.