Refer to the Accompanying Figure to Answer the Following Questions

question 95

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-If there is a $60 price ceiling imposed on a textbook,what will be the disequilibrium amount?

• A) There will be a shortage of 800,000 textbooks.
• B) There will be a surplus of 800,000 textbooks.
• C) There will be neither a shortage nor a surplus.
• D) There will be a shortage of 2,600,000 textbooks.
• E) There will be a shortage of 400,000 textbooks.

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Definitions:

Income Tax Revenue

The monetary income that the government receives from taxing the income of individuals, corporations, estates, and trusts.

Welfare System

A government program that provides financial aid and services to support groups within society who are unable to support themselves financially.

Efficiency And Equality

The balance between optimizing resource use and distributing goods and services fairly among society members.

Careful Planning

The process of meticulously organizing actions and tasks ahead of time to achieve a desired goal.