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Exhibit 4-3 Refer to Exhibit 4-3. If Price P1 Is a Price

Question 94

Multiple Choice

Exhibit 4-3 Exhibit 4-3 Refer to Exhibit 4-3. If price P<sub>1</sub> is a price floor, then A) the quantity exchanged is Q<sub>1.</sub> B) there is a surplus in the market for good X. C) it is the lowest price that can legally be charged in the market for good X. D) the market is in equilibrium at price P<sub>1</sub>.
Refer to Exhibit 4-3. If price P1 is a price floor, then


A) the quantity exchanged is Q1.
B) there is a surplus in the market for good X.
C) it is the lowest price that can legally be charged in the market for good X.
D) the market is in equilibrium at price P1.

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