Refer to the Figure Below

question 59

Multiple Choice

Refer to the figure below. Suppose the dairy lobby convinces the government to impose price controls in this market. If the government requires cheese to be sold for a price of $8 per pound, total consumer surplus in the market would equal:

• A)$20 per day
• B)$60 per day
• C)$80 per day
• D)$120 per day

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Definitions:

Debt Ceiling

The debt ceiling is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury, limiting how much money the federal government may borrow.

Political Tool

A method or instrument used by individuals, groups, or governments to achieve political aims or objectives.

Major Powers

Major powers refer to the most influential and capable countries in the world, often with significant military, economic, and diplomatic influence.

Congress

The legislative body of the United States government, consisting of two chambers: the Senate and the House of Representatives.