Figure 6-6 -Refer to Figure 6-6.Which of the Following Statements Is Not

question 60

Multiple Choice

Figure 6-6

-Refer to Figure 6-6.Which of the following statements is not correct?

• A) A price ceiling set at $8 would be binding, but a price ceiling set at $12 would not be binding.
• B) A price floor set at $14 would be binding, but a price floor set at $8 would not be binding.
• C) A price ceiling set at $9 would result in a surplus.
• D) A price floor set at $11 would result in a surplus.

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Definitions:

Prewritten Application

Software applications that are developed for sale or distribution to multiple users or organizations, as opposed to being custom-made for specific users.

Outsource

The practice of hiring third parties to perform tasks, handle operations or provide services for a company.

Buy Option

Refers to the right, but not the obligation, to purchase something at a predetermined price within a specific time frame.

Control

The process of directing, regulating, or managing activities or systems to achieve desired outcomes.