Examlex
Which is TRUE of item analysis on speeded tests?
Price Floors
A government- or authority-imposed minimum price that sellers must charge for a good or service, essentially preventing prices from falling below this set level.
Ceiling Prices
Maximum prices set by the government on certain goods and services to prevent excessive pricing during shortages or inflationary periods.
Rationing Function
The ability of market prices to distribute scarce goods and services among consumers based on willingness and ability to pay.
Marginal Utility
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service, which tends to decrease as more units are consumed.
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