Use the Following to Answer Questions

question 65

Multiple Choice

Use the following to answer questions:
Figure: Price and Quantity 1
-(Figure: Price and Quantity 1) In the diagram, at a price of $80, the quantity demanded is ______, the quantity supplied is ______, and there is ______.

• A) 20; 80; a surplus of 60 units
• B) 80; 20, a surplus of 60 units
• C) 80; 20, a shortage of 60 units
• D) 20; 20; no surplus or shortage

---

Definitions:

Cooperative Behavior

Actions by individuals or groups that are intended to benefit others or work towards a common goal.

Sherman Act

A foundational antitrust law in the United States that prohibits monopolistic practices and promotes competition.

Clayton Act

A U.S. antitrust law, enacted in 1914, aimed at promoting competition and preventing monopolies.

Consumer Protection Act

A legal provision designed to protect the rights of consumers from unfair trade practices, defective goods, and misleading advertisements.