The Price of Gasoline Is Generally Higher in Hawaii Than

question 15

Multiple Choice

The price of gasoline is generally higher in Hawaii than in the continental United States. Therefore, the Hawaiian legislature passed a law forbidding gas stations from charging a price higher than the average price of gas on the West Coast of the United States. This is an example of:

• A) a price floor.
• B) a price ceiling.
• C) a quota.
• D) a tax.

---

Definitions:

College Degree

An academic degree awarded by colleges and universities upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional practice.

Highly Paid Actor

An individual in the acting profession who receives a significantly higher remuneration compared to peers due to factors such as talent, demand, and box office appeal.

Opportunity Cost

The bypassing of possible gains from a range of alternatives by committing to one choice.

Attraction

The act or capability of drawing interest or desire, often used in reference to magnetic, physical, or emotional appeal between individuals or objects.