If a Nonbinding Price Floor Is Imposed on a Market

question 88

Multiple Choice

If a nonbinding price floor is imposed on a market, then the

• A)quantity sold in the market will decrease.
• B)quantity sold in the market will stay the same.
• C)price in the market will increase.
• D)price in the market will decrease.

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Definitions:

Latent Learning

Learning that occurs without any obvious reinforcement of the behaviour or associations that are learned until there is a reason to demonstrate it.

Reflex

A rapid, automatic response to a stimulus, not requiring the involvement of consciousness, designed to protect the body or facilitate basic functions.

Insight Learning

"A form of problem solving in which the organism develops a sudden insight into or understanding of a problem’s solution."

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, where an association is made between a behavior and a consequence for that behavior.