Match the Term with Its Definition

question 74

Multiple Choice

Match the term with its definition.
-issued by the chief executive at either the federal or state level and are used to interpret or implement a provision of a constitution or law

• A)constitutional law
• B)statutory law
• C)ordinances
• D)administrative law
• E)executive orders
• F)common law

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Definitions:

Price Floor

A government- or authority-set minimum price for certain goods or services, aimed at preventing prices from falling below a certain level.

Black Markets

Illegal trading of goods and services that occurs outside the official channels sanctioned by authorities.

Price Ceilings

An imposed limit on the price charged for a product or service, often set by government regulation to protect consumers from excessively high prices.

Market Intervention

Market intervention is the action taken by a government or a regulatory authority to affect the market for a particular good or service, typically to correct market failures.