Multiple Choice
Refer to the accompanying figure for the following questions.
-The accompanying figure describes the market for gasoline in a local community.If the government were to place a price floor at P1,predict the resulting surplus or shortage.
A) There would be a shortage of 75,000 units.
B) There would be a surplus of 75,000 units.
C) There would be neither a shortage nor a surplus.
D) There would be a shortage of 150,000 units.
E) There would be a surplus of 150,000 units.
Correct Answer:
Verified
Correct Answer:
Verified
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