An Example of a Price Floor Is

question 199

Multiple Choice

An example of a price floor is

• A)the regulation of gasoline prices in the U.S.in the 1970s.
• B)rent control.
• C)the minimum wage.
• D)any restriction on price that leads to a shortage.

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Definitions:

Informational Social Influence

The effect of other people's behavior on an individual's actions and beliefs, stemming from the desire to be correct in situations where the correct action or belief is uncertain.

Cognitive Dissonance Theory

A theory suggesting that individuals experience discomfort (dissonance) from holding two or more conflicting cognitions (thoughts, beliefs, or attitudes), leading them to alter behavior or attitudes to reduce discomfort.

Role

The function or position that an individual assumes or is given in a social context, which influences behavior and expectations.

Cognitive Dissonance

The mental discomfort experienced by a person who holds conflicting beliefs, values, or attitudes, especially relating to behavioral decisions and attitude change.