The Feature of Social Institutions That Means Mechanisms Are in Place

question 26

Multiple Choice

The feature of social institutions that means mechanisms are in place to determine responsibility for an action is called

• A) due process.
• B) accountability.
• C) the courts of appeal.
• D) the judicial system.

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Definitions:

Equalibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Binding Price Ceiling

A government-imposed price limit that is set below the equilibrium price, causing a shortage of the product because demand exceeds supply.

Binding Price Floor

A government-imposed price control or limit that sets the lowest price at which a good can be sold, which is above the market equilibrium price, leading to excess supply.

Persistent Surplus

A situation where the supply of a good consistently exceeds the demand for it, often leading to a drop in prices.