Use the Following Figure to Answer the Following Questions

question 77

Multiple Choice

Use the following figure to answer the following questions.

-If the government imposes a price floor on wheat at $5,predict the amount of disequilibrium.

• A) There will be a surplus of 3,000,000.
• B) There will be a shortage of 3,000,000.
• C) There will be neither a shortage nor a surplus.
• D) There will be a surplus of 2,000,000.
• E) There will be a shortage of 2,000,000.

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Definitions:

Economic Espionage

The illegal act of stealing or attempting to steal trade secrets or proprietary information from a company for economic gain.

Utilitarianism

An ethical theory that suggests an action is right if it benefits the greatest number of people.

Business Intelligence

The strategies and technologies used by enterprises for data analysis of business information to support decision making.

Oligopoly

A market structure dominated by a small number of firms, leading to limited competition and possibly higher prices for consumers.