A law establishing a maximum legal price for a good or service is known as
a. an equilibrium price.
b. a price floor.
c. a price ceiling.
d. a price wall.
C
You might also like to view...
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples, how will the equilibrium point change?
A) There will be no change in the equilibrium point. B) The equilibrium point will move from A to B. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
Under which of the following circumstances would an auditor be most likely to intensify an examination of a $500 imprest petty cash fund?
A) Reimbursement occurs twice each week. B) Reimbursement vouchers are not prenumbered. C) The custodian occasionally uses the cash fund to cash employee checks. D) The custodian endorses reimbursement checks.