The following figure illustrates the demand and supply curves for a good. Price (5) 888 60 40 0 5 10 20 30 Supply Demand Quantity (unit) Refer to the figure above. Which of the following is likely to happen if a price control of $80 is imposed in the market? O There will be a shortage of 25 units in the market. O There will be a surplus of 10 units in the market. O There will be a surplus of 25 units in the market. O There will be a shortage of 10 units in the market.

The following figure illustrates the demand and supply curves for a good. Price (5) 888 60 40 0 5 10 20 30 Supply Demand Quantity (unit) Refer to the figure above. Which of the following is likely to happen if a price control of $80 is imposed in the market? O There will be a shortage of 25 units in the market. O There will be a surplus of 10 units in the market. O There will be a surplus of 25 units in the market. O There will be a shortage of 10 units in the market.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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