Refer to the above figure. If a price floor of $5 was set
A) the quantity sold would be 80 units.
B) the quantity sold would be 60 units.
C) the quantity demanded would be 100 units.
D) there would be a shortage of 20 units.
B
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If only one player in a game has a dominant strategy, there can be no Nash equilibrium
Indicate whether the statement is true or false
When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is ________
A) inelastic B) unit elastic C) perfectly inelastic D) elastic
An example of a price shock is ________
A) an increase in wages as a result of higher expected inflation B) the arrival of immigrants seeking employment C) the decline in autonomous spending that results from rising unemployment D) all of the above E) none of the above
The national debt
A) is the difference between total government revenues and government expenditures. B) is the sum of all past federal deficits plus any surpluses. C) is the sum of all past federal deficits less any surpluses. D) grows when government spending increases.