Refer to the Accompanying Figure to Answer the Following Questions

question 102

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-At the price of the binding price floor,by how much would the quantity supplied change from the market equilibrium?

• A) The quantity supplied would increase by 32,000 units.
• B) The quantity supplied would decrease by 18,000 units.
• C) The quantity supplied would increase by 30,500 units.
• D) The quantity supplied would decrease by 30,500 units.
• E) The quantity supplied would decrease by 32,000 units.

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Definitions:

Hurons

A Native American tribe primarily located in the Great Lakes region, known for their role in fur trading in the 17th century.

Iroquois

A historically powerful northeast Native American confederacy, also known as the Haudenosaunee, made up of six nations including the Mohawk, Seneca, Cayuga, Onondaga, Oneida, and Tuscarora.

Patroonship

A grant of land and associated privileges given to wealthy individuals by the Dutch government in the 17th century to promote settlement and economic development in New Netherland (now parts of New York and New Jersey).

New Netherland

A 17th-century colonial province of the Dutch Republic that included parts of what are now the eastern United States.