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:

Colonial Frontier

The border or edge of a colony's territory, where expansion and encounters with indigenous populations often took place.

Ohio Valley

A geographical region in the United States encompassing parts of the states around the Ohio River, significant for its early colonial history and development during westward expansion.

Imperial Rivalries

Conflicts and competition for overseas territories and power among European empires from the 15th to early 20th centuries.

Precious Metals

Naturally occurring metallic elements that are rare and have high economic value, often used for currency, jewelry, and industrial purposes; examples include gold, silver, and platinum.