Garbanzo Beans -Consider the Above Table. Assuming the Government Imposes a Price

question 256

Multiple Choice

Garbanzo Beans

-Consider the above table. Assuming the government imposes a price floor on garbanzo beans of $8, what would be the likely result?

• A)a surplus of 2000 garbanzo beans
• B)a shortage of 2000 garbanzo beans
• C)No change, equilibrium would prevail.
• D)The quantity demanded of garbanzo beans would fall to zero.

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Definitions:

Authority-And-Responsibility Principle

The principle that authority should equal responsibility when work is delegated.

Supervisor

An individual in a position of authority who oversees and directs the work of others to ensure tasks and objectives are completed effectively.

Subordinate

An employee who reports to a supervisor or manager, typically responsible for following directives and completing tasks assigned by their superior.

Paul Lawrence

Paul Lawrence was a renowned professor at Harvard Business School, known for his contributions to organizational behavior and the human relations movement.