Figure 6-32 -Refer to Figure 6-32.If the Government Set a Price Floor

question 41

Short Answer

Figure 6-32
-Refer to Figure 6-32.If the government set a price floor at $55,would there be a shortage or surplus,and how large would be the shortage/surplus?

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Definitions:

Preconscious Need Level

The level at which needs are not fully developed in the conscious mind.

Post-purchase Dissonance

The feeling of regret, doubt, or anxiety that a consumer may experience after making a significant purchase, fearing that they may have made the wrong choice.

Product Needs

The specific features, benefits, and solutions that customers seek in a product to satisfy certain requirements or solve problems.

Unconscious Need Level

The level at which people do not know why they buy a product.