Suppose in a Market with Q^d = 100 - 5P

question 60

Multiple Choice

Suppose in a market with Q^d = 100 - 5P and Q^s = 5P, the government imposes a price floor of $15. If the government is required to purchase any excess supply at the price floor, how much will the government have to pay to purchase the excess in this market?

• A) Nothing; there is no surplus
• B) $1,000
• C) $1,500
• D) $750

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Definitions:

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Refers to the overall status of an individual's mental, social, and physical well-being.

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The collection of conceptual, social, and practical skills that individuals have developed to function in their everyday lives.

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Below average, particularly in intelligence, signifying lower performance than the statistical norm.