In the Case of a Price Floor

question 22

Multiple Choice

In the case of a price floor,

• A)there will be a shortage.
• B)there is no need for government to buy any excess.
• C)government must require producers to increase production to meet demand.
• D)there is a redistribution of income from consumers to producers.
• E)supply decreases.

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Definitions:

External Causes

Factors outside an individual that influence behaviors, events, or outcomes, contrasting with internal factors that derive from within the person.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or societal expectations.

Expected Behavior

Actions or reactions that are anticipated in a given context based on societal norms, rules, or personal standards.

Great-person Theory

A theory of leadership that suggests history is shaped by the actions of great individuals who possess unique characteristics and talents.