The Most Likely Impact of an Effective Price Floor Is

question 108

Multiple Choice

The most likely impact of an effective price floor is:

• A) the supply curve will shift to the right.
• B) the demand curve will shift to the left.
• C) a surplus will develop.
• D) a shortage will develop.

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Definitions:

Operant Conditioning

A learning process where behaviors are influenced by consequences, including rewards and punishments.

Voluntary Behaviors

Actions that are performed intentionally, under an individual's control, as opposed to automatic or reflexive actions.

Social Learning Theory

A theory that suggests people learn from one another via observation, imitation, and modeling.

Higher Order Conditioning

A learning process whereby a stimulus that has been conditioned to produce a particular response is used in turn to condition a second stimulus to produce the same response.