Which of the Following Is Most Likely a Topic of Discussion

question 66

Multiple Choice

Which of the following is most likely a topic of discussion in a microeconomics course?

• A)​a decrease in the share of national income paid to the government in taxes
• B)​an increase in the price of lumber used to construct houses
• C)​an increase in the rate of inflation
• D)​an increase in the number of jobless individuals filing unemployment claims

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Definitions:

Binding Price Floor

A government-imposed price control or limit that sets a minimum price above the equilibrium price, leading to surplus in the market.

Price Paid

The actual amount of money exchanged for a good or service.

Supply and Demand

Fundamental economic model describing how prices and quantities of goods and services are determined in a market based on the relationship between the quantity supplied and the quantity demanded.

Price Floor

A government or regulatory minimum price set for a commodity, below which it cannot legally be sold.