________ Is Considered the Supreme Authority of a Society

question 21

Multiple Choice

________ is considered the supreme authority of a society.

• A)committee
• B)manning committee
• C)adhoc committee
• D)general body

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Definitions:

Price Ceiling

A legally established maximum price that can be charged for a good or service.

Deadweight Loss

The reduction in economic productivity that takes place when a good or service fails to achieve or cannot achieve its balance point.

Equilibrium Price

The rate at which the amount of products offered matches the amount of products consumers desire in the marketplace.

Demand Functions

Mathematical formulas representing the relationship between the quantity demanded of a good or service and its price, along with other factors like income and prices of related goods.