What Does the Law of One Price State

question 76

Multiple Choice

What does the law of one price state?

• A) A good cannot be sold at a black market price.
• B) A good must sell at the price fixed by law.
• C) A good must sell at the same price at all locations.
• D) A good cannot sell for a price greater than the legal price ceiling.

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Definitions:

Cross-Examination

The questioning of a witness in a court of law by the party opposing the one who produced the witness.

Administrative Agencies

Government bodies responsible for executing laws, issuing regulations, and overseeing compliance within a specific area or sector.

Executive Branch

The branch of government responsible for enforcing laws and managing the affairs of a state or nation, typically headed by a president or prime minister.

Courts

Institutions established by the government to administer justice through the application of law in specific cases.