Examine the Words And/or Phrases for Each Question Below and Determine

question 157

Multiple Choice

Examine the words and/or phrases for each question below and determine the relationship among the majority of words/phrases.
-Choose the option that does not fit the pattern.

• A)magnetite
• B)paleomagnetism
• C)magnetic poles
• D)polar wandering

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Definitions:

Price Floor

A minimum legal price below which a product cannot be sold; to have an impact, a price floor must be set above the equilibrium price.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Substitution Effect

The economic concept that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper alternatives, holding utility constant.

Relative Price

Relative price is the price of one good or service compared to another, essentially indicating the trade-off between choosing one over the other.