Assume That the Market Clearing Price for Portable Power Banks

question 102

Multiple Choice

Assume that the market clearing price for portable power banks is $5, but that the maximum price that can be charged is $4. This is an example of

• A) a price control that will lead to a surplus of portable power banks on the market.
• B) a price floor that will lead to a shortage of portable power banks on the market.
• C) markets failing to ration a fixed quantity of portable power banks.
• D) a price ceiling that will likely lead to a shortage of portable power banks on the market.

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Definitions:

Sociological Perspective

A way of looking at the world through a sociological lens.

Have-nots

Individuals or groups who lack economic, social, or cultural resources, often contrasted with those considered to be wealthy or privileged.

Sociological Perspective

A viewpoint that considers social contexts and how they influence individuals' lives, behaviors, and interactions within society.

Social Order

The organized pattern of social relationships and social institutions that together compose society, ensuring its smooth functioning.