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In the Business World, the Term _____ Is Generally Used

question 52

Multiple Choice

In the business world, the term _____ is generally used to refer to demographic differences among people-differences in gender, age, ethnicity, and so forth.


Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, often to protect consumers.

Price Floor

A government or regulatory-imposed minimum price set for a particular good or service, below which it cannot be sold, often to protect producers or encourage production.

Surplus

The situation in which the quantity of a good or service supplied exceeds the quantity demanded at the existing price.

Price Ceiling

A price ceiling is a legal maximum price set by the government for certain goods or services to prevent prices from becoming prohibitively high.

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