Which of the Following Is NOT a Potential Result of a Price

question 59

Multiple Choice

Which of the following is NOT a potential result of a price floor?

• A) excess supply
• B) price greater than free-market equilibrium price
• C) Lower quality inputs are used, which increases marginal cost.
• D) All of the above.

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Definitions:

Conformist

An individual who follows the rules, norms, and standards of a group in order to fit in, often at the expense of personal identity.

Individualist

describes a person or cultural orientation that values independence, personal goals, and self-reliance over group goals and interdependence.

Conformity Bias

Tendency for social psychology to treat group influence as a one-way process in which individuals or minorities always conform to majorities.

Cultural Adaptation

Involves the process of adjusting and integrating into a culture different from one's own, which may include adopting new behaviors, practices, and attitudes.