-Figure 4-1 shows the supply and demand for socks.If a price ceiling of $4 per pair is imposed by the government,the number of pairs actually purchased will be
A)4 pairs
B)8 pairs
C)5 pairs
D)1 pair
E)6 pairs

Question

-Figure 4-1 shows the supply and demand for socks.If a price ceiling of $4 per pair is imposed by the government,the number of pairs actually purchased will be
A)4 pairs 
B)8 pairs 
C)5 pairs 
D)1 pair 
E)6 pairs

Quizplus · Accepted Answer

At a price ceiling of $4 per pair, the quantity demanded is 8 pairs and the quantity supplied is 4 pairs. Therefore, the number of pairs actually purchased will be 4 pairs.

-Figure 4-1 Shows the Supply and Demand for Socks