Price Ceilings Are Adopted in Most Cases Because

question 225

Multiple Choice

Price ceilings are adopted in most cases because

• A) the government views the current equilibrium price as too high for consumers.
• B) the government wants to create surpluses.
• C) the government favors a non-intervention policy.
• D) producers need incentives to produce more of the good or service.

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Definitions:

Marco Polo's Travels

The journeys of the Venetian merchant and explorer Marco Polo in the late 13th century, which are famously documented in "The Travels of Marco Polo," describing his experiences in Asia.

Direct Trade

A commercial model that aims to reduce the number of intermediaries in the supply chain, often in an effort to ensure fairer prices for producers and closer relations between consumers and producers.

West Africa

A region in the western part of the African continent, consisting of many countries, notable for its diverse cultures, languages, and histories.

Portuguese Merchants

Refers to traders from Portugal who were particularly active during the Age of Discovery, engaging in commerce around the world, especially in spices, gold, and slaves.