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The Following Figure Shows the Effect of a Price Ceiling

Question 12

Multiple Choice

The following figure shows the effect of a price ceiling in the market for yams.The market was initially in equilibrium at price P2 and quantity B.
Figure 10-1 The following figure shows the effect of a price ceiling in the market for yams.The market was initially in equilibrium at price P<sub>2 </sub>and quantity B. Figure 10-1 -In Figure 10-1,the aggregate producer surplus after a price ceiling is set at P<sub>1</sub> is area _____. A) MFP<sub>2</sub> B) MIEP<sub>3</sub> C) MIJP<sub>2</sub> D) MIP<sub>1</sub>
-In Figure 10-1,the aggregate producer surplus after a price ceiling is set at P1 is area _____.


A) MFP2
B) MIEP3
C) MIJP2
D) MIP1

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