If a Good Is Subject to a Binding Price Floor

question 103

Multiple Choice

If a good is subject to a binding price floor and someone purchases it on the black market,what would he or she expect to happen to the availability of the good over time?

• A) The availability of the good will fall over time as the supply curve becomes more elastic and the demand curve becomes more inelastic.(The surplus of the good will fall. )
• B) The availability of the good will fall over time as both the supply and demand curves become more elastic.(The surplus of the good will fall. )
• C) The availability of the good will rise over time as both the supply and demand curves become more elastic.(The surplus of the good will rise. )
• D) The availability of the good will fall over time as the demand curve becomes more elastic and the supply curve becomes more inelastic.(The surplus of the good will fall. )
• E) The availability of the good will not change over time.

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Definitions:

Procedural Selves

Refers to aspects of the self that are concerned with patterns of behavior, typically unconscious and automatic habits and skills.

Declarative Selves

Refers to the aspects of an individual's self-knowledge or self-concept that are consciously accessible and can be directly reported.

Procedural Selves

The aspect of self that is concerned with patterns of behavior that are learned, habituated, and not easily accessible to consciousness.

Possible Selves

The component of the self-concept that includes individual visions of what one might become, what one would like to become, and what one is afraid of becoming.