Refer to the Following Table to Answer the Questions That

question 2

Multiple Choice

Refer to the following table to answer the questions that follow.

-Using the table,what is the value of M1?

• A) $1,150,500,000
• B) $1,495,500,000
• C) $93,000,000
• D) $345,000,000
• E) $78,000,000

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Definitions:

Market Shortage

A condition in which the quantity demanded of a good exceeds the quantity supplied at the market price.

Binding Price Ceilings

Regulatory limits on the price of goods and services that are set below the market equilibrium price, causing shortages.

Consumers

People or organizations that use economic goods and services for personal, household, or organizational purposes.

Price Ceilings

A legal maximum on the price at which a good can be sold, often set by government.