Managerial Skills Are Required to

question 20

Multiple Choice

Managerial skills are required to

• A)expand product lines
• B)start a business
• C)develop new ideas
• D)maintain a business

---

Definitions:

Price Floor

A government or regulatory intervention that sets the lowest price at which a good or service can be legally sold, aimed at protecting producers.

Current Price

The price at which a good or service is being sold in the market at the present moment.

Excess Supply

A situation in the market where the quantity of a good offered by producers exceeds the quantity demanded by consumers at a given price, leading to surplus.

Binding Price Floor

A price floor established by the government that exceeds the market equilibrium price, resulting in an excess supply of products or services.