​Assume a Price Floor Is Set Above the Equilibrium Price

question 127

True/False

​Assume a price floor is set above the equilibrium price. The result is a surplus.

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Definitions:

Needs

Essential requirements for individuals to live a healthy and satisfactory life, including physiological, safety, love/belonging, esteem, and self-actualization needs.

Motivational Strategy

Techniques or plans designed to inspire individuals or groups to achieve a goal or perform at their best.

Expectancy Theory

A theory of motivation that states an individual's willingness to exert a high level of effort is based upon their expectation that it will lead to desired performance goals.

Frederick Herzberg

An American psychologist best known for developing the Motivation-Hygiene Theory, which suggests that certain factors in the workplace lead to job satisfaction, while a separate set of factors cause dissatisfaction.