Table 4-B -Refer to Table 4-C

question 71

Multiple Choice

Table 4-B
$\begin{array}{ccc}\text { Price per gallon } &\text { Quantity Demanded }&\text { Quantity Supplied of } \\&\text { (thousands of gallons) }&\text { gasoline (thousands of }\\&&\text { gallons) }\\\$ 4.50 & 600 & 2,000 \\\$ 4.25 & 700 & 1,900 \\\$ 4.00 & 800 & 1,800 \\\$ 3.75 & 950 & 1,700 \\\$ 3.50 & 1,200 & 1,600 \\\$ 3.25 & 1,500 & 1,500 \\\$ 3.00 & 1,800 & 1,400 \\\$ 2.75 & 2,100 & 1,300 \\\$ 2.50 & 2,400 & 1,200\end{array}$

-Refer to Table 4-C.If the government were to remove a price ceiling of $2.00 per gallon in the milk market, the result would be:

• A)a decrease in price and increase in the quantity of milk supplied.
• B)a decrease in price and increase in the quantity of milk demanded.
• C)an increase in both price and the quantity of milk supplied.
• D)an increase in both price and the quantity of milk demanded.
• E)the market price of milk would remain constant and the quantity of milk supplied would equal the quantity demanded.

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Definitions:

Coolie Trade

The historical trade of laborers from Asia, particularly China and India, under contracts that were often exploitative, to work in various parts of the world.

Indentured Laborers

Individuals who worked for a specified period in exchange for passage to the New World, often under harsh conditions.

Chinese Laborers

Workers from China, often who were recruited in the 19th and early 20th centuries to perform labor-intensive tasks, notably on the Transcontinental Railroad and in mining operations.

Sex Workers

Individuals who engage in sexual activities in exchange for money or goods, often within a structured industry.