Name the Property Illustrated by the Statement

question 20

Multiple Choice

Name the property illustrated by the statement.
-14 + (3 + 20) = (14 + 3) + 20

• A)distributive property
• B)associative property of addition
• C)identity property of addition
• D)commutative property of addition

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Definitions:

Price Floor

A government or group-imposed price control or limit on how low a price can be charged for a product.

Equilibrium

A situation in a market where the quantity demanded equals the quantity supplied, leading to a stable price.

Surplus

The excess of a good or service that occurs when the quantity supplied exceeds the quantity demanded; surpluses occur when the price is above the equilibrium price.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the product's sensitivity to price changes.