A Production Quota Program

question 46

Multiple Choice

A production quota program

• A) Imposes limits on the quantity that individual firms can produce
• B) Is a way to decrease prices without causing the overproduction that occurs under a price support program
• C) Places limitations on demand
• D) Remove limits on the quantity that individual firms can produce

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Definitions:

Breach

The violation or non-fulfillment of a legal obligation, agreement, or law.

Magnuson-Moss Act

A federal law in the United States that governs warranties on consumer products, aiming to protect consumers against deceptive warranty practices.

UCC

Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States.

Federal Contract Laws

Regulations that govern the procurement process, awarding, and execution of contracts by the federal government.