Figure 6-7 -Refer to Figure 6-7.Suppose a Price Floor of $7 Is

question 69

Multiple Choice

Figure 6-7

-Refer to Figure 6-7.Suppose a price floor of $7 is imposed on this market.As a result,

• A) buyers' total expenditure on the good decreases by $20.
• B) the supply curve shifts to the left so as to now pass through the point (quantity = 40, price = $7).
• C) the quantity of the good demanded decreases by 20 units.
• D) the price of the good continues to serve as the rationing mechanism.

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Definitions:

Theories of Globalization

Diverse perspectives that analyze the processes, causes, and consequences of global integration and interconnections across economic, political, and cultural spheres.

Social Construction

The theory that much of the social world is created through collective human agreement and is culturally and historically specific rather than inherent.

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