If a Small Change in the X Variable Results in a Large

question 195

Multiple Choice

If a small change in the x variable results in a large change in the y variable,the curve will be

• A) positively sloped.
• B) negatively sloped.
• C) steep.
• D) flat.
• E) trended.

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Definitions:

Minimum Wage

is the lowest legal salary that employers can pay workers, set by government law to protect workers from unduly low pay.

Price Support

Government intervention in a market to maintain the price at a certain level, usually done through the purchase of surplus stock or direct subsidies to producers.

Price Floor

A minimum price, set by law or regulation, that must be paid for a good or service; often implemented to protect producers.

Price Support

Government interventions in the market to maintain the price of a commodity at a certain level.