Fill in the Missing Words

question 62

Short Answer

Fill in the missing words.
(a) A price ceiling is a ________ price, which may cause a________ .
(b) A black market may be the result of a________ price, due to a legal price _________.
(c) A price floor is a________ price, which may cause a________ .

(i) minimum; surplus
(ii) maximum; shortage
(iii) below equilibrium; maximum

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Definitions:

Content Validity

The extent to which a test measures all aspects of the concept it intends to measure.

Expert Consultation

The process of seeking guidance or knowledge from someone with specialized expertise or qualifications in a specific area.

Instrument

A tool or device used for performing a specific task, especially for scientific or technical work.

Topic Focused

Pertaining specifically to a defined subject or area of interest, concentrating efforts and discussions on a particular theme.