A Good Example of Central Planning at Work in the U.S

question 2

Multiple Choice

A good example of central planning at work in the U.S. would be:

• A)Burger King's value meal price control.
• B)McDonald's fries being the same everywhere in the U.S.
• C)union wages.
• D)New York City's rent control.

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Definitions:

Price Increase

Refers to a situation where the cost of goods or services rises over a period of time.

Total Utility Data

Information that represents the total satisfaction received from consuming a certain amount of goods or services.

Money Income

The total amount of monetary earnings or receipts accruing to an individual or household before taxes and other deductions.

Rational Consumer

An individual who makes purchase decisions that maximize their utility, given their budget constraints.