A Price Floor Is Considered

question 213

Multiple Choice

A price floor is considered

• A) "fair" based only on the fair results view.
• B) "fair" based only on the fair rules view.
• C) "unfair" based on both the fair results and fair rules views.
• D) "unfair" based only on the fair results view.
• E) "fair" based on the fair results view and on the fair rules view.

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Definitions:

Specie

Coins made from precious metal and used as a medium of exchange; distinct from paper currency.

Panic of 1837

A financial crisis in the United States that led to a major recession lasting until the mid-1840s, triggered by a speculative fever and failure of banks.

Alexis de Tocqueville

A French political thinker and historian best known for his works "Democracy in America," examining the democratic revolution that he believed had been occurring over the previous several hundred years.

American Freedom

The ideal of liberty and rights that defines the ethos and foundational principles of the United States.