After a Price Floor of $23 Is Placed on the Market

question 75

Multiple Choice

After a price floor of $23 is placed on the market in the graph shown,the total number of units traded:

• A) falls by 20 relative to equilibrium.
• B) falls by 27 relative to equilibrium.
• C) falls by 37 relative to equilibrium.
• D) increases by 10 relative to equilibrium.

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Definitions:

Compulsion

A persistent, irresistible, and irrational urge to perform an act or ritual repeatedly.

Classical Conditioning

A training method where two stimuli are consistently presented together, leading to a response initially triggered by the second stimulus eventually being triggered by just the first stimulus.

Bureaucracies

Bureaucracies describe organizational structures that are characterized by a hierarchy of authority, a clear division of labor, explicit rules, and impersonality in managerial decisions.

Sociologists

Professionals who study social behavior, patterns of social relationships, social interaction, and the culture that surrounds everyday life in different social contexts.