FIGURE 5-2 -Refer to Figure 5-2.A Price Floor Set at a Price

question 63

Multiple Choice

FIGURE 5-2
-Refer to Figure 5-2.A price floor set at a price of $1.00 will result in

• A)a shortage of 10 units.
• B)a shortage of 20 units.
• C)a surplus of 10 units.
• D)a surplus of 20 units.
• E)no change in the market outcomes.

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Definitions:

Operating

Pertaining to the day-to-day functions and activities necessary for a business or organization to run effectively.

Internal Users

Individuals within an organization who use its financial information to make decisions, including executives, managers, and other employees.

Management Reports

Analytical reports designed for business managers to assist in making strategic decisions.

Decision Making

The cognitive process resulting in the selection of a course of action among several possible alternatives.