When a Binding Price Ceiling Is Imposed on a Market

question 193

Multiple Choice

When a binding price ceiling is imposed on a market,

• A)price no longer serves as a rationing device.
• B)the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling.
• C)all buyers benefit.
• D)All of the above are correct.

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Definitions:

Geofencing

A location-based service in which an app or other software uses GPS, RFID, Wi-Fi, or cellular data to trigger a pre-programmed action when a mobile device enters or exits a virtual boundary set up around a geographical location.

Geographic Parameters

Variables or factors that define or restrict conditions based on geographic location or spatial characteristics.

Forrester's Social Technographics Model

A classification framework that segments consumers according to how they engage with technology, especially social media, ranging from creators to spectators.

Customer Relationships

The interactions and bonds formed between a business and its customers, focusing on long-term engagement and satisfaction.