Setting the Price of a Good at a High Level

question 178

True/False

Setting the price of a good at a high level so as to discourage its consumption to accomplish a social objective is a strategy often applied by government.

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Definitions:

Near-Privity Rule

A legal doctrine allowing a non-contractual party who is closely related to a contractual agreement to assert rights or claims under that contract.

Audit

A systematic examination of books, accounts, documents, and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern.

Negligence

The failure to use that amount of care that a reasonably prudent person would have used under the same circumstances and conditions.

Malpractice

Negligence or failure by a professional to perform their duties to the accepted standard of practice in their field, which results in harm or loss.