The Presence of Price Floors in a Market Usually Is

question 72

Multiple Choice

The presence of price floors in a market usually is an indication that:

• A) there is an insufficient quantity of a good or service being produced.
• B) the forces of supply and demand are unable to establish an equilibrium price.
• C) sellers of the good or service outnumber the buyers.
• D) policymakers believe the price floor does not involve inequities.

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Definitions:

Attitudes

A settled way of thinking or feeling about someone or something, typically reflected in a person's behavior or perspective.

Norms

Established rules or standards of behavior that are accepted and expected within a certain group or society.

Dominant Characteristics

Traits or features that prevail over others, often influencing outcomes or distinguishing individuals or species in biological and social contexts.

Cynicism

An attitude characterized by skepticism towards the motives or integrity of individuals or institutions, often expressing a general distrust of others' apparent good intentions.