A Minimum Price, Set by the Government, That Sellers May

question 79

Multiple Choice

A minimum price, set by the government, that sellers may charge for a good is known as

• A) a price floor.
• B) a price rationing mechanism.
• C) a price ceiling.
• D) a subsidy.

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Definitions:

Individualism

A cultural orientation in which people belong to loose social frameworks and their primary concern is for themselves and their families.

Social Framework

The structure of societal norms and institutions that guide and govern the behavior of individuals within a community.

Power Distance

A cultural dimension that reflects the extent to which less powerful members of organizations and institutions accept and expect that power is distributed unequally.

Formality

The degree to which actions, processes, or relationships in professional settings are governed by established rules and procedures.