Complete Table 3 Quantity Supplied By A) the Government Would Be Setting an Effective Price Floor

question 14

Multiple Choice

Complete Table 3.1.Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if government held the price at $3,
Quantity Demanded by
$\begin{array}{rccc}\text { Price } & \text { Alejandro } & \text { Ben } & \text { Carl } & \text { Market} \\\hline \$8.00& 8 & 4 & 2 &\_\_\_\\6.00 & 12 & 4 & 4 &\_\_\_\\4.00 & 20 & 4 & 6 &\_\_\_\\2.00 & 22 & 4 & 6&\_\_\_\\\end{array}$ Quantity Supplied by
$\begin{array}{lccc}\text { Price } & \text { Avery } & \text { Brandon } & \text { Cassandra } \\\hline \$ 8.00 & 60 & 4 & 6 &\_\_\_\\\$ 6.00 & 42 & 4 & 4&\_\_\_ \\\$ 4.00 & 24 & 4 & 2 &\_\_\_\\\$ 2.00 & 6 & 4 & 0&\_\_\_\\\end{array}$

• A) The government would be setting an effective price floor.
• B) The shortage would be the same as the quantity demanded.
• C) There would be a shortage.
• D) The market would be in equilibrium.

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Definitions:

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