不 Suppose the market clearing price of a specific medication is $45 per unit, as shown by the graph. The legal ceiling price, however, is $30 per unit. Based on this graph, will a shortage or surplus exist in the market? OA. There is a shortage of 2,000 units. OB. There is a surplus of 4,000 units. OC. There is a shortage of 4,000 units. COD. The market is in equilibrium. 75 Q 60- G 45- Price of Medication 6 per unit) 15- 30- D Quantity of Medication (thousands of units)
不 Suppose the market clearing price of a specific medication is $45 per unit, as shown by the graph. The legal ceiling price, however, is $30 per unit. Based on this graph, will a shortage or surplus exist in the market? OA. There is a shortage of 2,000 units. OB. There is a surplus of 4,000 units. OC. There is a shortage of 4,000 units. COD. The market is in equilibrium. 75 Q 60- G 45- Price of Medication 6 per unit) 15- 30- D Quantity of Medication (thousands of units)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose the market clearing price of a specific medication is $45 per unit, as shown by the graph. The legal ceiling price, however, is $30 per unit.
Based on this graph, will a shortage or surplus exist in the market?
A. There is a shortage of 2,000 units.
B. There is a surplus of 4,000 units.
C. There is a shortage of 4,000 units.
D. The market is in equilibrium.
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