Which of the Following Is an Accurate Statement About the Consequence

question 153

Multiple Choice

Which of the following is an accurate statement about the consequence of a binding price floor?

• A) Binding price floors do not allow sellers to receive a higher price if they sell the product in the legal market.
• B) Binding price floors encourage the formation of a black market.
• C) Binding price floors discourage the formation of a black market.
• D) Binding price floors create a shortage of the product.
• E) Binding price floors cause consumers to want to purchase more of the product in the legal market.

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Definitions:

Self-Concept

The way you picture yourself to be.

Cognitive Dissonance

A psychological phenomenon where there is a feeling of discomfort caused by holding conflicting cognitions (e.g., beliefs, attitudes, or behaviors).

Self-Disclosure

Sharing one’s own private information with others.

Self-Concept

An understanding or perception of oneself, including one's attitudes, beliefs, and self-evaluation.