To Be Binding, a Price Floor Must Be Set Above

question 231

True/False

To be binding, a price floor must be set above the equilibrium price.

---

Definitions:

Psychographics

The study of personality, values, opinions, attitudes, interests, and lifestyles to analyze consumer behavior.

Consumer Lifestyles

The habits, attitudes, tastes, moral standards, economic levels, and the amount of consumption by an individual or group.

Ideals

Standards or models of perfection and excellence that individuals or societies strive to achieve.

Principles

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.