A Metes and Bounds Description Requires

question 22

Multiple Choice

A metes and bounds description requires:

• A) a point of beginning
• B) a distance and direction from one point to another
• C) a return to the point of beginning
• D) all of the above

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Definitions:

Price Floor

A government-imposed limit on how low a price can be charged for a product or service.

Price Floors

A government- or authority-imposed minimum price that can be charged for a commodity, which is typically set above the equilibrium price to protect producers.

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service, and what they end up spending.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.