FIGURE 5-6 -Refer to Figure 5-6.The Market for Good X Is in Is

question 77

Multiple Choice

FIGURE 5-6
-Refer to Figure 5-6.The market for good X is in equilibrium at P₀ and Q₀.Now suppose the government imposes a ________ at P₁.One result would be ________.

• A)price ceiling; an increase in economic surplus represented by areas 5 and 6
• B)price ceiling; a deadweight loss represented by areas 5,6,7 and 8
• C)price floor; a deadweight loss represented by areas 5,6,7 and 8
• D)price floor; a deadweight loss represented by areas 2,6 and 7
• E)price ceiling; a deadweight loss represented by areas 5 and 6

---

Definitions:

Jaswant Singh

A prominent Indian politician and a member of the Bharatiya Janata Party, known for his roles in the government as Finance Minister, External Affairs Minister, and Defence Minister.

Wall Mural

A large painting or artwork directly executed on a wall, showcasing artistic expressions relevant to historical, social, or imaginative themes.

Watercolor on Paper

A painting method using water-soluble pigments applied to paper, known for its translucency and ability to capture light and subtle color variations.

Painting Subject

The main theme, idea, or entity portrayed in a painting.