Asked by Akwinder Chattha on Jun 27, 2024
Verified
In economic markets,a quota is a(n) :
A) lower limit on quantity.
B) upper limit on quantity.
C) maximum price.
D) minimum price.
Lower Limit
The smallest value that a given set, statistical sample, or data category can take on or be assigned.
Upper Limit
The maximum level or value that can be reached or is allowable in a given context.
- Comprehend the application of quantity restrictions like quotas within the context of market regulation.
Verified Answer
ME
maria efstathiouJul 02, 2024
Final Answer :
B
Explanation :
Quota refers to a limit on the quantity of a certain product or service that can be produced or consumed. It sets an upper limit on the amount of a good that can be imported or exported or the amount that can be produced. Therefore, option B is the correct answer.
Learning Objectives
- Comprehend the application of quantity restrictions like quotas within the context of market regulation.