The Following Figure Shows the Effect of a Price Ceiling

question 49

Multiple Choice

The following figure shows the effect of a price ceiling in the market for yams.The market was initially in equilibrium at price P₂ and quantity B.
Figure 10-1
-In Figure 10-1,the aggregate producer surplus at the initial point of equilibrium,F,is area _____.

• A)P₂FIP₁
• B)FP₂M
• C)MIP₁
• D)LP₂F

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Definitions:

Metabolic Defects

Metabolic defects refer to abnormalities in the body’s processes that convert food into energy, leading to various health issues.

Enzyme

Enzyme is a protein that acts as a biological catalyst, speeding up chemical reactions in living organisms without being consumed in the process.

Haploid

Referring to a cell or organism that contains a single set of unpaired chromosomes, as opposed to the diploid state which has paired chromosomes.

Homologous Chromosome

Chromosomes that are paired during meiosis, having the same genes at the same loci but possibly different alleles.