A Consequence of Either a Price Ceiling or a Price

question 62

Multiple Choice

A consequence of either a price ceiling or a price floor is

• A) a nonbinding price control.
• B) a market surplus.
• C) a market shortage.
• D) waiting lines.
• E) Price floors and price ceilings cannot have an identical outcome.

Comprehend the semantic network model of memory and how activation of one concept leads to a cascade of related concepts.

Identify and explain different strategies for memory retention such as rehearsal.

Differentiate between explicit and implicit memory and understand their roles in conscious and unconscious memory recall.

Understand the significance of recognition and relearning as mechanisms for retrieving information from long-term memory.

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Definitions:

Target Price

A pre-set price determined by a company or government at which a product, especially in agriculture, is aimed to be sold in the market.

Countercyclical Payment

A fiscal mechanism used to reduce the economic fluctuations by providing economic support during downturns and less support during growth periods.

Price Supports

Government interventions to maintain the market price of a commodity or product at a certain level by buying excess supply or instituting price floors.

Government

The organization or system through which a community, state, or nation is governed, often involving regulations and public services.