Normally, When a Governmental Price Control Affects the Price, It

question 184

Multiple Choice

Normally, when a governmental price control affects the price, it can be expected to result in a

• A)reduction in the number of units purchased only when the price is forced down.
• B)reduction in the number of units purchased when the price is forced down and an increase number of units purchased when the price is forced up.
• C)decrease in the number of units purchased when the price is forced up or down.
• D)increase in the number of units purchased when the price is forced up or down.

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Definitions:

Union

A political term that can refer to a united group of states (such as the United States) or to labor unions, which are organizations formed to protect and advance the rights and interests of workers.

Polygamy

A marital practice in which an individual has more than one spouse simultaneously.

Sherman Antitrust Act

The 1890 United States landmark legislation designed to prevent anti-competitive agreements and to promote economic fairness and competition.