Multiple Choice
Exhibit 4-11
Refer to Exhibit 4-11. Suppose that the government imposes a price floor in the market for good ABC at a price of $7. The result of the price floor would be a ____________ of ______ units of good ABC.
A) shortage; 110
B) surplus; 110
C) shortage; 30
D) surplus; 30
Correct Answer:
Verified
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