Which of the Following Is an Example of a Price

question 37

Multiple Choice

Which of the following is an example of a price floor?

• A) the minimum wage
• B) rent controls
• C) restricting petrol prices to €1.00 per litre when the equilibrium price is €1.50 per litre
• D) All of these answers are price floors.

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Definitions:

Economically Rational

Behavior or decision-making that is based on attempting to achieve the maximum possible benefit while minimizing costs.

Satisfaction

The feeling of pleasure or fulfillment that comes from meeting one's needs, expectations, or goals, often used in the context of customer and employee experiences.

Magazines

Magazines are periodical publications containing articles, stories, and photographs on various subjects, ranging from news, hobbies, to lifestyle topics.

Economic Model

A simplified abstract representation of the complex realities of economic processes, used to predict or analyze economic behaviors and outcomes.