Which of the Following Is True

question 187

Multiple Choice

Which of the following is true?
i.A price ceiling set below the equilibrium price decreases search activity.
ii.A minimum wage is an example of a price ceiling.
iii.A price support decreases the quantity consumed.

• A) only i
• B) only ii
• C) only iii
• D) i and iii
• E) ii and iii

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Definitions:

UCC

Denotes the Uniform Commercial Code, an extensive series of statutes that regulate every commercial transaction across the United States.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform set of rules for the international sale of goods.

General Personal Jurisdiction

The authority of a court to hear any case brought against a defendant based on their overall activities within the jurisdiction, not just those related to the specific legal action.

Specific Personal Jurisdiction

A legal term referring to a court's power to decide a lawsuit involving a defendant based on actions that took place within the territory of the court.