-Refer to Exhibit 4-1

question 13

Multiple Choice

-Refer to Exhibit 4-1.At the equilibrium price,________ units of the good would be exchanged.With a price ceiling,_______ units of the good would be exchanged.

• A) 125; 75
• B) 75; 125
• C) 175; 125
• D) 125; 175

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Definitions:

Farmland

Land that is used or suitable for agricultural purposes, such as growing crops or raising livestock.

Technological Advances

Refers to progress in scientific knowledge that enhances or improves technology, making processes more efficient, products more useful, or services more accessible.

Output Effect

The possibility that when the price of the first of a pair of substitute resources falls, the quantity demanded of both resources will increase.

Present Consumption

The use of goods and services for immediate satisfaction or needs, as opposed to saving for future use.