If a Price Floor Is Not Binding, Then

question 248

Multiple Choice

If a price floor is not binding, then

• A)there will be a surplus in the market.
• B)there will be a shortage in the market.
• C)there will be no effect on the market price or quantity sold.
• D)the market will be less efficient than it would be without the price floor.

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Definitions:

Personal Commitment

The level of dedication an individual dedicates towards achieving personal goals or upholding personal values and relationships.

Entrepreneurial Culture

An organizational culture that values innovation, encourages taking risks, and supports the initiation of new business endeavors.

Bureaucratic Culture

An organizational culture characterized by formal procedures, hierarchical structure, and a clear division of labor, emphasizing control and authority.

Standardization

The process of making something conform to a standard in order to ensure consistency and compatibility.