A Binding Price Floor

question 178

Multiple Choice

A binding price floor
i.causes a surplus.
ii.causes a shortage.
iii.is set at a price above the equilibrium price.
iv.is set at a price below the equilibrium price.

• A) (i) only
• B) (iii) only
• C) (i) and (iii) only
• D) (ii) and (iv) only

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Definitions:

Reflexive Responses

Involuntary, automatic actions or processes in response to a stimulus.

Puzzle Boxes

Mechanical boxes that are designed to be opened through a series of manipulations as part of a problem-solving task, often used in animal behavior studies.

Insight

The capacity to gain an accurate and deep understanding of a problem or situation suddenly, often leading to a solution.

Reinforcement

A concept in behaviorism that involves increasing the likelihood of a behavior's occurrence through the administration of rewards or punishments.