Which of the Following Is Correct

question 6

Multiple Choice

Which of the following is correct?

• A)Rent control and the minimum wage are both examples of price ceilings.
• B)Rent control is an example of a price ceiling, and the minimum wage is an example of a price floor.
• C)Rent control is an example of a price floor, and the minimum wage is an example of a price ceiling.
• D)Rent control and the minimum wage are both examples of price floors.

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Definitions:

Deregulation

The reduction or elimination of government power in a particular industry, usually with the aim of increasing competition and efficiency.

Industry Experts

Individuals with extensive knowledge and experience in a specific industry, often sought after for their insights and advice.

Government Subsidies

Financial assistance provided by the government to individuals, organizations, or industries to support economic activities deemed beneficial for the public.

Regulatory Capture

A situation where regulatory agencies are dominated by the industries they are charged with regulating, often leading to a favoring of industry interests over the public.