Refer to the Accompanying Figure for the Following Questions

question 80

Multiple Choice

Refer to the accompanying figure for the following questions.

-The accompanying figure describes the market for gasoline in a local community.If the government were to place a price floor at P₃,what would be the resulting surplus or shortage?

• A) There would be a shortage of 75,000 units.
• B) There would be a surplus of 75,000 units.
• C) There would be neither a shortage nor a surplus.
• D) There would be a shortage of 150,000 units.
• E) There would be a surplus of 150,000 units.

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