Which One of the Following Statements Is True

question 247

Multiple Choice

Which one of the following statements is true?

• A) An effective price ceiling results in a surplus of the good.
• B) An effective price floor results in a shortage of the good.
• C) When the market clearing price of a good is the equilibrium, then everyone can afford it.
• D) The market clearing price of a good reflects its relative scarcity.

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Definitions:

Moral Component

The aspect of a decision, action, or character that pertains to principles of right and wrong behavior.

Personality

The unique combination of characteristics and traits that define an individual's patterns of thought, emotion, and behavior.

Unconscious

Pertains to the part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Conscious

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.