Strawberries (pounds) Price Qd $2 $4 5,000 4,000 3,000 2,000 1,000 2,000 3,000 4,000 5,000 $6 $8 $10 1,000 Consider the above table. If the government imposes a price ceiling on strawberries of $8 per pound, what would be the likely result? Select one: O a. The quantity demanded of strawberries would fall to zero. O b. a surplus of 2,000 pounds of strawberries on the market O c. a shortage of 2,000 pounds of strawberries on the market O d. Market equilibrium will be reached.

Strawberries (pounds) Price Qd $2 $4 5,000 4,000 3,000 2,000 1,000 2,000 3,000 4,000 5,000 $6 $8 $10 1,000 Consider the above table. If the government imposes a price ceiling on strawberries of $8 per pound, what would be the likely result? Select one: O a. The quantity demanded of strawberries would fall to zero. O b. a surplus of 2,000 pounds of strawberries on the market O c. a shortage of 2,000 pounds of strawberries on the market O d. Market equilibrium will be reached.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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