If a Price Ceiling of $8 Were Placed in the Market

question 131

Multiple Choice

If a price ceiling of $8 were placed in the market in the graph shown:

• A) a shortage of 7 would occur.
• B) a shortage of 15 would occur.
• C) a shortage of 23 would occur.
• D) a shortage of 8 would occur.

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Definitions:

Disabled Employee

An employee who has a physical or mental impairment that substantially limits one or more major life activities.

Minimum Period

The shortest allowable or required duration for a particular action, event, or condition to take place or remain in effect.

Consolidated Omnibus Budget Reconciliation Act

A federal law providing individuals and their families the option to continue health care coverage under their group health plan in certain instances where coverage would otherwise end.

Social Security Act

A law enacted in 1935 to create a system of transfer payments in which younger, working people support older, retired people.