Use the Following Table to Answer the Question

question 203

Multiple Choice

Use the following Table to answer the question :
-If government legislates a price floor that is below the equilibrium price

• A)a shortage will develop.
• B)a black market will soon develop.
• C)a surplus will develop.
• D)market price and quantity sold will be unaffected.

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Definitions:

Unconditional Power

Absolute authority or control without any restrictions or conditions.

Dispose

The act of selling, transferring, or getting rid of an asset or property.

Property

Assets or rights owned by individuals or entities, which can be tangible or intangible, and are subject to ownership claims.

Lifetime

The period during which something is functional, active, or intended to last.