-Refer to the Graph Above to Answer This Question

question 81

Multiple Choice

-Refer to the graph above to answer this question.What would be the result if an effective price ceiling is set which is $2 different from the equilibrium price and demand increased by 30?

• A)The price would be above equilibrium and a surplus of 90 would be produced.
• B)The price would be below equilibrium and a shortage of 90 would be produced.
• C)The price would be above equilibrium and a shortage of 90 would be produced.
• D)The price would be below equilibrium and a surplus of 90 would be produced.

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Definitions:

Political Philosophy

A branch of philosophy that examines the nature of politics, government, and society, and analyzes concepts like justice, rights, and the role of the state.

Schools of Thought

Various philosophies or approaches in a discipline that propose distinct methodologies or interpretive frameworks.

Income Per Year

The total amount of money earned or received by an individual or entity within a year.

Income Distribution

The way in which a country's total economy's income is spread among its population.