Which of the Following Statements Is TRUE? Price Floors Set

question 70

Multiple Choice

Which of the following statements is TRUE? Price floors set above the equilibrium price cause: I. shortages. II. surpluses. III. deadweight losses.

• A) I and III only
• B) II and III only
• C) III only
• D) I is true if demand is elastic, however II is true if demand is inelastic.

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Definitions:

Neural Signaling

The process by which neurons communicate with each other through electrical and chemical signals.

Sensory Information

Data received and processed by sensory receptors pertaining to stimuli from the environment or the body itself, critical for perception and response.

Membrane Potential

The electrical potential difference across a cell's membrane, which affects the movement of ions and the activity of the cell.

Voltage-Gated

Pertaining to channels on cell membranes that open or close in response to changes in electrical membrane potential.