The Following Diagram Shows a Market in Equilibrium

question 39

Multiple Choice

The following diagram shows a market in equilibrium.If there was a $3.00 price floor,

• A)the quantity demanded would be 65 units.
• B)the quantity demanded would be 30 units.
• C)there would be a shortage of 30 units.
• D)there would be a surplus of 30 units.

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Definitions:

Cognitive Development

involves the changes and growth in how we understand the world, think, learn, and reason over time, from childhood through adulthood.

Piaget's Stages

A theory that describes the cognitive development of children in four stages: Sensorimotor, Preoperational, Concrete Operational, and Formal Operational.

Concrete Operations

A stage in Piaget's theory of cognitive development where children gain the ability to think logically about concrete events and understand the concept of conservation.

Cross-Cultural Studies

Comparative research examining cultural differences and similarities across various human societies.