-Refer to Figure 3

question 116

Multiple Choice

-Refer to Figure 3.15 to answer this question.What would be the result if an effective price ceiling is set that is $2 different from the equilibrium price?

• A)The price would be above equilibrium,and a surplus of 60 would be produced.
• B)The price would be below equilibrium,and a shortage of 60 would be produced.
• C)The price would be above equilibrium,and a shortage of 60 would be produced.
• D)The price would be below equilibrium,and a surplus of 60 would be produced.

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Definitions:

Developing Nations

Countries that are in the process of industrialization and have lower per capita income levels compared to developed countries.

Annual Revenues

The total amount of income generated by a business or organization from its activities over the course of a year.

Wal-Mart

A multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

High-income Economies

Countries with a high gross national income per capita, according to classification by international financial institutions like the World Bank.