Multiple Choice
-Refer to the graph above to answer this question. What would be the result if a price floor is set which is $2 different from the equilibrium price and demand increased by 30?
A) The price would be above equilibrium and a surplus of 30 would be produced.
B) The price would be below equilibrium and a shortage of 30 would be produced.
C) The price would be above equilibrium and a shortage of 30 would be produced.
D) The price would be below equilibrium and a surplus of 30 would be produced.
Correct Answer:
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