A Limit on the Amount of Strawberries That Can Be

question 107

Multiple Choice

A limit on the amount of strawberries that can be imported into the United States is an example of

• A) the rationing function of prices protecting domestic strawberry farmers.
• B) a price floor set by the government.
• C) a price ceiling set by government.
• D) an import quota.

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Definitions:

Normal Good

A good for which demand increases when consumer income rises, and falls when consumer income decreases, all else being equal.

Income Increased

A situation where an individual or entity experiences a rise in their earnings or revenue.

Two-Liter Coke Bottles

A specific size of Coca-Cola bottle that contains two liters of the soft drink.

Revenue

Revenue refers to the total income generated from the sale of goods or services by a company before any expenses are subtracted.