Governments Sometime Create an Excess Supply of a Product by Setting

question 85

True/False

Governments sometime create an excess supply of a product by setting a minimum price that is greater than the equilibrium price, resulting in a permanent excess supply of the product. This is known as a price ceiling.

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Definitions:

External Environment

Factors outside an organization that can influence its operation, including economic, political, social, technological, and legal factors.

Situation Analysis

Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.

Marketing Planning Process

A methodical approach to planning marketing strategies and tactics, involving situational analysis, setting goals, defining strategies, budgeting, and monitoring.

Palm Computing Inc.

A pioneering company in the development of personal digital assistants (PDAs) and early smartphones, playing a significant role in the evolution of mobile computing.