A Form of Marriage in Which Each Married Partner Is

question 62

Multiple Choice

A form of marriage in which each married partner is allowed only one spouse at any given time is called

• A) monogamy.
• B) polygamy.
• C) polygyny.
• D) polyandry.

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Definitions:

Price Floor

A minimum allowable price set above the equilibrium price, preventing the market price from falling below a certain level.

Quantity Demanded

It refers to the total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Surplus

The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Shortage

An instance in the marketplace where the need for a product or service outstrips its provision.