If Transactions Are Entered and Processed Immediately Upon Entry, Then

question 36

Multiple Choice

If transactions are entered and processed immediately upon entry, then the system is operating in

• A) transaction time.
• B) batch mode.
• C) unprotected mode.
• D) online mode.
• E) real time.

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Definitions:

Binding Price Floor

A minimum price set by the government above the equilibrium price, causing a surplus of the product in the market.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Binding Price Floor

A price floor set above the equilibrium price, causing a surplus by legally preventing the price from falling to its natural equilibrium level.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded, often leading to a drop in prices.