Match the Term with Its Definition

question 11

Multiple Choice

Match the term with its definition.
-prescribed by the controlling authority, which has binding legal force

• A)law
• B)regulations
• C)rules
• D)requirements
• E)standards

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Definitions:

Linear Supply

A supply relationship showing a direct, constant increase in quantity supplied as price increases.

Free Market Equilibrium

A state in an economy where supply meets demand naturally without intervention, and prices are determined by free market forces.

Price Controls

Government-imposed limits on the prices that can be charged for goods and services in a market.

Consumers Gain

The benefit or surplus that consumers receive from purchasing goods and services at a price lower than their maximum willingness to pay.