If the Equilibrium Price for Some Product Is $1000,a Price

question 66

Multiple Choice

If the equilibrium price for some product is $1000,a price ceiling of $800 will result in

• A)the same general effects as a price ceiling of $1200.
• B)the same general effects as a price floor of $1200.
• C)the same general effects as a price ceiling of $600.
• D)massive surpluses of the good.
• E)no effects because the price ceiling is not binding at that price.

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Definitions:

Deep Sea Oil Rigs

Large structures used in offshore drilling to explore for and extract oil and gas from beneath the seabed.

Need-Satisfaction

A sales method focusing on identifying and meeting the specific needs of the customer.

Transactional

Pertaining to the process of conducting business or commercial transactions, often emphasizing the exchange of goods, services, or funds.

Need-Satisfaction Sales Presentation

A sales approach where the salesperson identifies and provides solutions to a customer's needs, enhancing satisfaction and persuading the purchase.