When a Price Is Set by Law or Regulation Below

question 220

Multiple Choice

When a price is set by law or regulation below the equilibrium value,

• A) a surplus develops.
• B) it is called a price ceiling.
• C) the legal price is the minimum price allowable.
• D) it is called a price floor.
• E) quantity supplied exceeds quantity demanded.

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Definitions:

Post-Fordist Organizational Forms

A term describing new organizational structures that emerged after the decline of Fordist practices, characterized by more flexibility, decentralization, and use of technology.

Bureaucratic

Pertaining to a system of government or organization in which most of the decisions are made by state officials rather than by elected representatives.

Hierarchal Organizational Forms

Hierarchical organizational forms describe the structure of an organization that ranks its parts and positions in levels of importance and authority, with a clear chain of command from top to bottom.

Short-Term Employment

Employment situations that are temporary or have a fixed duration, often lasting for only a limited period.