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Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.

Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Figure 6-9 price 12 11 10 9 8 7 6 3 4 3 2 D 4 8 12 16 20 24 28 32 36 40 quantity Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.
Transcribed Image Text:Figure 6-9 price 12 11 10 9 8 7 6 3 4 3 2 D 4 8 12 16 20 24 28 32 36 40 quantity Refer to Figure 6-9. A price ceiling set at O a $7 will be binding and will result in a surplus of 4 units. O b. $4 will be binding and will result in a shortage of 8 units. O c. $7 will be binding and will result in a surplus of 8 units. O d. $4 will be binding and will result in a shortage of 16 units.
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