Directions: Choose the Best Answer Based on the Information You

question 1

Multiple Choice

Directions: Choose the best answer based on the information you read in Chapter 3. ​ Which of the following is not an annotating activity?

• A)circling unfamiliar words
• B)commenting on ideas in the margins
• C)highlighting important ideas
• D)reading out loud

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Definitions:

Price Floor

A price floor is a government- or authority-set minimum price below which a particular good or service cannot legally be sold, aiming to prevent prices from falling too low.

Widgets

A generic term commonly used to refer to an unspecified, fictional product used in examples and economic theory.

Price Floor

A minimum price set by the government for certain goods and services that cannot legally be lowered, often above the equilibrium price.

Market Supply

Market supply represents the total quantity of a particular good or service that all producers are willing and able to sell at different price levels in a given period.