Author Question: Refer to the above figure. If the government set a price floor of 3.50 per gallon, there would be ... (Read 104 times)

mwit1967 · **on:** Jun 29, 2018

Refer to the above figure. If the government set a price floor of 3.50 per gallon, there would be

A) an excess quantity demanded equal to 100,000 gallons.
B) an excess quantity supplied equal to the distance BD.
C) an excess quantity supplied equal to the distance BF.
D) an excess quantity supplied equal to 100,000 gallons.

Question 2

If A occurs then B will follow is a

A) positive statement.
B) normative statement.
C) non-testable statement.
D) statement lacking in logic.