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Figure 4-17 Refer to Figure 4-17

Question 216

Multiple Choice

Figure 4-17 Figure 4-17 Refer to Figure 4-17. Suppose a price floor of $7.00 is imposed. As a result, A) buyers' total expenditure on the good decreases by $20.00. B) the supply curve will shift to the left so as to now pass through the point (Q = 40, P = $7.00) . C) the quantity of the good demanded decreases by 20 units. D) the price of the good continues to serve as the rationing mechanism. Refer to Figure 4-17. Suppose a price floor of $7.00 is imposed. As a result,


A) buyers' total expenditure on the good decreases by $20.00.
B) the supply curve will shift to the left so as to now pass through the point (Q = 40, P = $7.00) .
C) the quantity of the good demanded decreases by 20 units.
D) the price of the good continues to serve as the rationing mechanism.

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