Government Laws and Policies Need to Be Uniformly Enforced

question 172

Multiple Choice

Government laws and policies need to be uniformly enforced. But this leads to all of the following problems, except

• A) inflexibility.
• B) massive paperwork.
• C) excessively detailed rules.
• D) haphazard application.

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Definitions:

Binding Price Floor

A government-imposed price control or limit on how low a price can be charged for a commodity, set above the equilibrium price, leading to a surplus of the product.

Surplus

A situation where the quantity of a product or service exceeds the quantity demanded, often leading to lower prices or wasted resources.

Video Game Market

The segment of the entertainment industry involved in the development, marketing, and sale of video games and related merchandise.

Price Ceilings

Regulatory limits on the maximum price that can be charged for a good or service, intended to protect consumers from extreme prices.