Which European City Was the First to Have an Organized

question 32

Multiple Choice

Which European city was the first to have an organized police force?

• A)Frankfurt
• B)London
• C)Paris
• D)Manchester

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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.