Which of the Following Will Most Likely Occur When Government

question 106

Multiple Choice

Which of the following will most likely occur when government price controls fix the price of a good above market equilibrium?

• A) Waiting lines to buy the good will develop.
• B) The quality of the good will deteriorate.
• C) Consumers will buy more than they would at the market equilibrium price.
• D) A surplus of the good will develop.

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Definitions:

Standard Time

The established time allowed for the completion of a specific job, based on measurements and assessments of work processes.

Variable Allowance

In budgeting and cost accounting, it refers to an amount set aside that can change based on the performance or needs of a business.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, used in statistics to quantify the spread of a distribution around the mean.

Standard Sample

A sample or benchmark against which the quality or performance of other items can be measured or judged.