Which of the Following Would Result from a Price Support

question 28

Multiple Choice

Which of the following would result from a price support program when the support price is set above the equilibrium price,ceteris paribus?

• A)Output would decline.
• B)The price paid by consumers would rise.
• C)The consumption of the product would rise.
• D)Quality would deteriorate.

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Definitions:

National Government

The organization and institution that possess the political sovereignty and control for a nation or country.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to work.

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal courts and direct jurisdiction over some types of cases.

John Marshall

An influential Chief Justice of the Supreme Court (1801-1835) known for establishing the principle of judicial review.