Multiple Choice
In some recent past years, prices of basic food commodities such as corn, rice, and wheat have increased sharply. Chinese authorities were concerned that escalating prices would cause inflation and be followed by civil unrest.
-Suppose the Chinese government regulates the price of food and forbids firms from setting a higher price. In this case the government is setting a
A) price floor.
B) price ceiling.
C) quota.
D) tax.
Correct Answer:
Verified
Correct Answer:
Verified
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