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Figure 6-1 per unit $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 D 100 200 300 400 50 6ỗ0 700 800 900 1000 Quantity Refer to Figure 6-1. Which of the following price controls would cause a shortage of 400 units of the good? O a price floor set at $30 O a price floor set at $40 O a price ceiling set at $60 O a price ceiling set at $30

Figure 6-1 per unit $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 D 100 200 300 400 50 6ỗ0 700 800 900 1000 Quantity Refer to Figure 6-1. Which of the following price controls would cause a shortage of 400 units of the good? O a price floor set at $30 O a price floor set at $40 O a price ceiling set at $60 O a price ceiling set at $30

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 3CQQ
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Figure 6-1 per unit $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 D 100 200 300 400 500 600 700 800 900 1000 Quantity Refer to Figure 6-1. Which of the following price controls would cause a shortage of 400 units of the good? O a price floor set at $30 O a price floor set at $40 O a price ceiling set at $60 O a price ceiling set at $30
Transcribed Image Text:Figure 6-1 per unit $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 D 100 200 300 400 500 600 700 800 900 1000 Quantity Refer to Figure 6-1. Which of the following price controls would cause a shortage of 400 units of the good? O a price floor set at $30 O a price floor set at $40 O a price ceiling set at $60 O a price ceiling set at $30
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