Elaborate on the meaning of contemporary socio-economic issues.​

See explanation

Explanation:

Contemporary Socio-economic issues are the challenges that are faced by the society. It should be noted that these problems and challenges have s negative impact on the economy and the society as a whole.

Some of the contemporary socio-economic issues that are faced by the society are poverty, corruption, illteracy, unemployment, etc.

These issues poses a challenge to the government and government seek ways to address them.

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.