Which Statement Is TRUE in a Market with a Price

question 319

Multiple Choice

Which statement is TRUE in a market with a price ceiling?

• A) Buyers and sellers experience unexploited gains from trade.
• B) Resources are allocated to their most efficient uses.
• C) The supply of goods is sold by the sellers with the lowest costs.
• D) The supply of goods is bought by the buyers with the highest willingness to pay.

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Definitions:

Development

The process of growth or progression through a sequence of physical, psychological, or societal changes and stages.

Classical Conditioning

An educational method that arises from linking an external stimulus with a stimulus that occurs naturally.

Neutral Stimulus

A stimulus that initially produces no specific response other than focusing attention, until it is associated with an unconditioned stimulus.

Meaningful Stimulus

Any input from the environment that is significant and can induce a response because of its relevance to the individual.