If a Price Ceiling of $8 Were Placed in the Market

question 59

Multiple Choice

If a price ceiling of $8 were placed in the market in the graph shown:

• A) a shortage of 7 would occur.
• B) a shortage of 15 would occur.
• C) a shortage of 23 would occur.
• D) a shortage of 8 would occur.

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Definitions:

Social Program

Initiatives created by governments aimed at providing support to citizens in areas such as healthcare, education, and income security.

Total Cost

The aggregate financial cost of all operating expenses and direct costs associated with the production of goods or services.

Total Benefit

The complete gain or satisfaction obtained from consuming a product or engaging in an activity, quantified by willingness to pay or perceived utility.

Construction Project

A comprehensive undertaking to build, erect, or assemble infrastructure or buildings, involving planning, design, and management.