Figure 6-8 -Refer to Figure 6-8.When a Certain Price Control Is Imposed

question 89

Multiple Choice

Figure 6-8
-Refer to Figure 6-8.When a certain price control is imposed on this market,the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P₂ dollars per unit for that quantity.If P₁ - P₂ = $3,then the price control is

• A)a price ceiling of $2.00.
• B)a price ceiling of $5.00.
• C)a price floor of $5.00.
• D)either a price ceiling of $2.00 or a price floor of $5.00.

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