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

Question 58

Multiple Choice

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


A) the quantity exchanged is Q3.
B) there is a surplus in this market.
C) it is the highest price that can legally be charged in this market.
D) it is the lowest price that can legally be charged in this market.

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