14. In the graph, if a price ceiling is set at $4, which of the following would

Question

14. In the graph, if a price ceiling is set at $4, which of the following would result? Supply Demand 1O 20 30 40 50 A) a shortage of 40 units B) a shortage of 20 units C) a surplus of 20 units D) a surplus of 40 units 15. In what City do the Boston Red Sox play baseball A) Boston B) Paris C) New York D) Soxalvania 16. (Table) According to the table, if 50 discouraged workers suddenly decide to actively seeking employment again, what will be the unemployment rate of t economy? Population Number employed Number unemployed 500 300 1-50 23%- A) B) 16.67% C)10% D) 14.3%

Explanation / Answer

Ans 4. If the price ceiling was set at $4 then supply will be lower and demand will be more. As can be seen from the graph as well and hence there will be a shortage of 20 units.

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