Asked by Elena Franco on Jul 05, 2024
Verified
The total amount of the good that can be transacted under a quantity control is called the:
A) ceiling price.
B) demand price.
C) quota limit.
D) supply price.
Quota Limit
A restriction on the amount or number of a particular good that can be imported or exported.
Ceiling Price
It is a legally imposed maximum price on a good or service, intended to prevent prices from rising above a certain level.
Demand Price
The maximum price at which a consumer is willing to buy a specific quantity of a good.
- Apprehend the idea and ramifications of quota ceilings in market contexts.
Verified Answer
YD
Yuliani dwiutamiJul 08, 2024
Final Answer :
C
Explanation :
A quantity control imposes a limit on the total amount of a good that can be transacted. This limit is referred to as the quota limit. The other options, such as ceiling price, demand price, and supply price, may be relevant in other contexts but do not specifically relate to quantity controls.
Learning Objectives
- Apprehend the idea and ramifications of quota ceilings in market contexts.