1. Which topic is an example of a quantity control? the Medicare reimbursement s

Question

1. Which topic is an example of a quantity control? the Medicare reimbursement schedule for physicians the minimum wage unemployment insurance limits on the number of red snappers that can be caught in the Gulf of Mexico (Figure: The Market for Economics Textbooks) Examine the figure The Market for Economics Textbooks. At a price ceiling of $40 in the market, the market outcome would be: a surplus of 30 textbooks. a surplus of 10 textbooks. a shortage of 30 textbooks. a shortage of 10 textbooks.

Explanation / Answer

(1) limits on the number of red snappers that can be caught in the Gulf of Mexico

(2) shortage of 30 textbooks

demand = 40 and supply = 10

so shortage of textbooks = 40-10 = 30

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