-Refer to the Graph Above to Answer This Question

question 61

Multiple Choice

-Refer to the graph above to answer this question.What would be the effect of a price floor set $20 above the equilibrium price?

• A)A surplus of 100 units.
• B)A shortage of 100 units.
• C)A surplus of 50 units.
• D)There would be neither a surplus nor a shortage.
• E)The product would be overpriced.

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Definitions:

Roget's Thesaurus

Roget's Thesaurus is a widely used English language thesaurus, organized by ideas and concepts rather than strict alphabetical order, to help find words related by meaning.

Ivory Soap

A branded soap made by Procter & Gamble, known for its purity, wholesomeness, and ability to float in water.

Prestige Products

High-quality items that offer exclusivity and status to consumers, often associated with luxury brands and high pricing.

Shopping Products

Consumer goods for which buyers are willing to spend time and effort to compare quality, price, and style across different sellers.