Which Is an Advantage of a Closed-Loop, Cybernetic System

question 7

Multiple Choice

Which is an advantage of a closed-loop, cybernetic system?

• A) Maintains risk management at the individual level
• B) Acknowledges the individual's need to maintain anonymity
• C) Assesses for variances between an actual state and an ideal state
• D) Minimizes the use of signal monitoring because of confidentiality issues

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Definitions:

Price Floor

A government-imposed minimum price that can be charged for a commodity, above what would be set by market forces, to ensure that producers receive a minimum income.

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products consumers want to buy.

Quota Rent

Quota Rent is the economic rent a producer earns from the difference between the domestic price and the world price due to a quota system limiting imports.

Demand Price

The highest price a consumer is willing to pay for a good or service.