-Refer to the Graph Above to Answer This Question

question 7

Multiple Choice

-Refer to the graph above to answer this question.What is the effect if the price is $1,200.

• A)The quantity demanded is 120.
• B)Price will rise.
• C)The quantity supplied is 160.
• D)The quantity traded is 120.

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Definitions:

Private Corporation

A corporation that is created by private persons and does not have government duties.

Certificate of Incorporation

An official document issued by a state government recognizing the formation of a corporation and outlining its basic details.

Authorized to Conduct Business

The status granted to a company or individual that fulfills the regulatory requirements to legally operate in a particular jurisdiction.

De Facto Corporation

A company that operates like a corporation and may be treated as one for legal purposes, despite not having completed formal incorporation steps.