When the Market for a Good,such as Gasoline,is Competitive and Its

question 10

Multiple Choice

When the market for a good,such as gasoline,is competitive and its price suddenly increases substantially,we can infer:

• A)that the higher price was most likely arbitrarily set by greedy gas companies seeking increased profits.
• B)that the higher price was most likely a response to a change in market forces beyond any individual firm's control.
• C)nefarious intent on the part of gasoline companies and that a government mandated price ceiling would serve consumers' interests.
• D)that prices are not good indicators of relative scarcity.

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Definitions:

Nursing License

A certification granted by a governing body that allows an individual to practice nursing legally.

Advance Directives

Legal documents that allow individuals to outline their preferences for medical care if they become unable to make decisions for themselves.

Legal Requirement

A rule or regulation enacted by a governing body that is binding and must be followed by individuals or entities under its jurisdiction.

Patient Admission

The process of registering and accepting a patient into a healthcare facility for treatment and care.