Exhibit 4-1 -If the Price of the Good Described in Exhibit 4-1

question 148

Multiple Choice

Exhibit 4-1

-If the price of the good described in Exhibit 4-1 is $1.20, then there is a

• A)shortage of 30 units
• B)surplus of 30 units
• C)shortage of 60 units
• D)surplus of 60 units
• E)surplus of 20 units

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Definitions:

Declarations of Independence

Formal statements proclaiming the autonomy of a state or colony from another country.

Hereditary Right

A claim to a title, position, or privilege that is passed down through family lines, traditionally based on birth order or lineage.

Thomas Paine

A political philosopher and writer who played a significant role in the American Revolution, best known for his works "Common Sense" and "The American Crisis."

Spanish Established

Refers to institutions, settlements, or cultural practices founded or brought to regions around the world by the Spanish during their explorations and conquests.