A Transaction in Which an Owner Transfers His or Her

question 57

Multiple Choice

A transaction in which an owner transfers his or her personal property to another to be held, stored, or delivered or for some other purpose is known as a(n) ________.

• A) arraignment
• B) easement
• C) bailment
• D) accession

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Definitions:

Ceiling Prices

are maximum legal prices set by authorities for particular goods or services to prevent them from becoming too expensive during shortages or high demand periods.

Rationing Function

The process by which scarce goods and services are distributed among competing users.

Price Ceiling

A legally established maximum price for a good, or service. Normally set at a price below the equilibrium price.

Legal Price

A price set by law or regulation, typically to prevent prices from being too high or too low in a market.