Which of the Following Best Represents Rules of Thumb That

question 23

Multiple Choice

Which of the following best represents rules of thumb that firms have found work for them?

• A)Heuristics
• B)Guidelines
• C)Synergies
• D)Product innovation charters

---

Definitions:

Price Floor

A government or group-imposed price control or limit on how low a price can be charged for a product, above the equilibrium price.

Consumer Surplus

The discrepancy between the total price consumers are willing to pay for a service or good versus what they actually spend on it.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service compared to what they actually pay.

Consumer Surplus

The difference between the total amount that consumers are willing to pay and the total amount they actually pay.