If a Price Floor of $23 Were Placed in the Market

question 145

Multiple Choice

If a price floor of $23 were placed in the market in the graph shown:

• A) a surplus of 27 would occur.
• B) a surplus of 37 would occur.
• C) a surplus of 10 would occur.
• D) a surplus of 20 would occur.

---

Definitions:

Average Person

A hypothetical individual who represents a standard or norm in behavior, judgment, and values.

Homeowner's Policy

An insurance policy that provides coverage for damages to a homeowner's property, including structures and contents, and often liability for accidents.

Real Property

Land and anything permanently attached to it, such as buildings and fixtures, considered a form of real estate.

Personal Property

Items owned by an individual or entity that are movable and not fixed to real estate, such as furniture, vehicles, and electronics.