Namesh Recently Sold His Ford Taurus to a Personal Friend

question 26

Multiple Choice

Namesh recently sold his Ford Taurus to a personal friend.Namesh's sale of his automobile illustrates the right to _____.

• A)freedom of choice
• B)private property
• C)profit making
• D)set ground rules for competitive activity

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a good or service.

Legal Price

The price of a good or service as determined by law, regulation, or government intervention.

Price Wall

A situation where the price of a product or service faces resistance moving higher or lower beyond a certain point.

Minimum Wage Laws

Legislation that sets the lowest hourly rate that can be paid to workers, intended to protect employees from unduly low pay.