This Question Has Four Possible Answers Listed Below and Only

question 1

Multiple Choice

This question has four possible answers listed below and only one of them is correct. If you select one at random, what are the odds that you pick the correct answer?

• A) 1:2
• B) 1:3
• C) 1:4
• D) 1:5

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Definitions:

Ration

The controlled distribution of scarce resources, goods, or services.

Equilibrium Price

Equilibrium price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Surplus

Occurs when the quantity supplied of a product exceeds the quantity demanded at a given price, often leading to price reductions.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, usually intended to protect consumers from high prices.