Multiple Choice
Exhibit 4-10 Supply and demand data for apricots
| Bushels demanded | Price per | Bushels supplied |
| 50 | $5 | 80 |
| 55 | 4 | 75 |
| 60 | 3 | 70 |
| 65 | 2 | 65 |
| 70 | 1 | 55 |
Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?
A) There would be a shortage of apricots.
B) Buyers would not want to purchase all of the apricots that are supplied.
C) There would be a surplus of apricots.
D) Farmers would reduce the number of acres allocated to the growing of apricots.
Correct Answer:
Verified
Correct Answer:
Verified
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