If a Store Sells a Good at the Market Price,even

question 159

Multiple Choice

If a store sells a good at the market price,even though the government authorities have set the minimum price that can be charged,the store is selling the good in a(n)

• A) black market for a market price that is higher.
• B) black market for a market price that is lower.
• C) effort to eliminate a surplus of the good.
• D) legal market for a market price that is higher.
• E) legal market for a market price that is lower.

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Definitions:

Henri Fayol

A French engineer and management theorist who developed a general theory of business administration and is known for his 14 Principles of Management.

Chester I. Barnard

An American business executive and author known for his contributions to management theory, especially in the area of organizational and leadership studies.

College Professor

An educator and scholar at a college or university who teaches and engages in research.

Economic Man

A theoretical concept in economics that depicts an individual as a rational and self-interested agent, making decisions to maximize their utility.