A Price Floor of $23 Placed on the Market in the Graph

question 115

Multiple Choice

A price floor of $23 placed on the market in the graph shown:

• A) is binding, and causes a shortage.
• B) is non-binding, and does not affect the market.
• C) is binding, and causes a surplus.
• D) is non-binding, and does not prevent the market from reaching equilibrium.

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Definitions:

Pesticides

Chemical agents used to kill or control pests, including insects, rodents, fungi, and weeds, in agricultural and residential settings.

Genetically Modified

Organisms that have had their DNA altered or modified in some way through genetic engineering.

Crop Plants

Plants grown in significant quantities to be harvested as food, feed, fiber, fuel, or other uses, including vegetables, grains, and fruits.

Gene

A unit of heredity found in living organisms that encodes the instructions for synthesizing proteins, influencing traits and functions.