Which of the Following Is Correct When a Price Floor

question 91

Multiple Choice

Which of the following is correct when a price floor is set above the equilibrium price?

• A)quantity supplied is less than quantity demanded at the set price
• B)quantity supplied is equal to quantity demanded at the set price
• C)at the set price there will be a shortage
• D)The market price is greater than the price floor
• E)quantity supplied exceeds quantity demanded at the set price

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Definitions:

Control Systems

Mechanisms or regulations designed to direct or manage the behavior of machines, processes, or organizations towards desired outcomes.

Ethical Behavior

Conduct that is consistent with principles of moral and professional norms, including honesty, fairness, and integrity.

Ethical Work Environment

A work setting where moral standards guide practices and behaviors, fostering trust and integrity among employees and with clients.

Misrepresentation

A legal cause of action on which an injured party seeks damages. It arises when a salesperson makes erroneous statements or offers false promises regarding a product’s characteristics and capabilities.