The Following Table Shows the Demand For,and Supply Of,soya Milk

question 68

Multiple Choice

The following table shows the demand for,and supply of,soya milk in a particular market (the quantities are in thousands of liters per day) :

-Refer to the above information to answer this question.Suppose that the government introduces an effective price ceiling which is 20 cents different from the equilibrium price and as a result an illegal market develops.What will be the illegal market price?

• A)$2.10.
• B)$2.20.
• C)$2.30.
• D)$2.40.
• E)Cannot be determined.

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Definitions:

Hydrogen

A chemical element with the symbol H and atomic number 1, known as the lightest element in the universe and a primary component in water molecules.

Commercial Energy

Energy produced and sold for profit, including electricity, natural gas, and other fuels used in the industrial, commercial, and residential sectors.

Wasted

Resources or potential that is not effectively utilized or is discarded without beneficial use.

Tankless

Refers usually to water heaters that do not store hot water but heat it instantly on demand.