A Price Floor Is Binding When It Is Set

question 203

Multiple Choice

A price floor is binding when it is set

• A)above the equilibrium price,causing a shortage.
• B)above the equilibrium price,causing a surplus.
• C)below the equilibrium price,causing a shortage.
• D)below the equilibrium price,causing a surplus.

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Definitions:

Self-Regulation

The ability of an individual to manage their emotions, thoughts, and behaviors in various situations.

Obedient

The quality of following rules or instructions from authority figures willingly and without resistance.

Independent Choices

Decisions made by an individual based purely on their own judgement and preferences, without outside influence.

Disciplining

The process of teaching and enforcing rules or behaviors, often to correct disobedience or to instill self-control.