Which of the Following Statements Is Correct

question 23

Multiple Choice

Which of the following statements is correct?

• A)A price ceiling is not binding when the price ceiling is set above the equilibrium price.
• B)A price floor is not binding when the price floor is set below the equilibrium price.
• C)A binding price ceiling causes a shortage and a binding price floor causes a surplus.
• D)All of the above are correct.

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Definitions:

Relationship Management

The strategy of maintaining a positive and productive relationship with business partners, clients, or customers, often through proactive communication and problem-solving.

Customer Satisfaction

A measure of how products or services supplied by a company meet or surpass customer expectation.

Customer Service

A support provided by companies to their customers, dealing with inquiries, complaints, or orders, aiming to enhance customer satisfaction and loyalty.

Brand Loyalty

The tendency of consumers to continuously purchase one brand's products over its competitors due to their loyalty or preference for that brand.