-Refer to the Above Figure

question 112

Multiple Choice

-Refer to the above figure. Other things being equal, when the government imposes a price floor at P₂, then we would expect

• A) the quantity demanded is Q₂.
• B) a surplus will occur.
• C) price to decline until an equilibrium is achieved at P₀.
• D) consumers to bid against each other for goods and force the price even higher.

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Definitions:

Medication

Drugs or other forms of treatment that are used to prevent, alleviate, or cure diseases and medical conditions.

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Information acquired by observation or experimentation that is used as the basis for conclusions or theories.

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