Refer to the Accompanying Figure,which Shows Both Short-Run and Long-Run

question 35

Multiple Choice

Refer to the accompanying figure,which shows both short-run and long-run demand and supply curves.If there is a $4 binding price ceiling imposed on a pharmaceutical drug,what will be the amount of the disequilibrium in the short run?

• A) There will be a shortage of 1,500,000 units.
• B) There will be a shortage of 800,000 units.
• C) There will not be a shortage; there will be a surplus.
• D) There will be a shortage of 2,000,000 units.
• E) There will be a shortage of 500,000 units.

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Definitions:

Perceptual Tricks

Techniques or illusions that manipulate perception, often used in art, entertainment, or psychological experiments to highlight how the senses can be deceived.

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