Use the Following Table to Answer the Next Two Questions

question 1

Multiple Choice

Use the following table to answer the next two questions.

-The government has imposed a price control for many agricultural products in an effort to support farmers.In the case of price floor P₂ in the accompanying figure,how much of a disequilibrium in quantity exists?

• A) a shortage of 30,000 units
• B) a surplus of 120,000 units
• C) 30,000 units
• D) a surplus of 30,000 units
• E) an excess of $3

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Definitions:

Two Treatises

A work of political philosophy published by John Locke in 1689, advocating the theory of natural rights and the social contract, serving as a foundational text for modern democratic theory.

Government Locke

Refers to the political theories of John Locke regarding the governance of society, emphasizing natural rights and the social contract.

Ruler

An individual who holds significant political power or authority over a country, state, or territory; often a monarch, emperor, or president.

Enlightenment

A cultural and intellectual movement of the 17th and 18th centuries emphasizing reason, individualism, and skepticism towards traditional doctrines.