Let's assume that the government imposed a price ceiling on gasoline powered cars. Calculate the shortage caused by the

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Let's assume that the government imposed a price ceiling on gasoline powered cars. Calculate the shortage caused by the price celling Price $13,000 Price Calling 18 2,00 Quantity of Gane Powered Car The government puts in place a regulation stating that anyone accused of a crime must be represented by a bar-certified lawyer. The bar is a very challenging camination. How does this impact the demand for bar tutors? The demand for tutors does not change a domand for tutoes inmes The demand for store O Nanetter this Possibilities Economics History 1 94 76 87 BA 77 91 Please look at the above tablet. A student has only a few hours to prepare for two different exaus tomorrow morning. The above table shows alternative possible com butcomes with the stomative uses of the student's throw. The opportunity cost of scoring a 91 on the history exam vathte than 84 10 on the economiese pot on the

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1. Due to the price ceiling, the quantity demanded increases and the quantity supplied decreases. So, there is a shortage of (Quantity demanded - Quantity supplied) = 28,000 - 12,000 = 16,000 P.S. As the image is not clear, I have taken the quantity demanded as 28,000 2. Answer B Since the bar is a challenging examination, majority of the applicants would look to hone their skills by getting assistance via and hence the demand for the bar increase. 3. Answer: B The opportunity cost would be 10 points of economics examination as the student has to lose 10 points (from 87 to 77) in economics if he wants to get a 91 in history rather than 84. Hope this helps. Cheers!

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Let's assume that the government imposed a price ceiling on gasoline powered cars

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