Question

the united states senate passes a law stating that pharmacies must make all types of medicines available to consumers: name brand and store/generic brand, therefore giving consumers choices regrading products and prices. this is an example of ______. price floor regulation price celling mandate 6 true or false 10 points supply is the quantity of goods available, and demand is the amount of goods that consumers wish to buy. true false

Explanation:

First Question (Multiple Choice)

• A price floor is a minimum price set by the government, not related to availability of products.
• Regulation involves the government setting rules for businesses (like requiring pharmacies to offer all medicine types), which matches the scenario.
• A price ceiling is a maximum price, not about product availability.
• A mandate is a broader order, but "regulation" is more specific to business - related rules here.

• Supply is defined as the quantity of goods or services that producers are willing and able to offer at different prices. But the statement simplifies it to "quantity of goods available", and demand is the quantity of goods or services that consumers are willing and able to buy at different prices, simplified to "amount of goods that consumers wish to buy". However, in basic economic definitions for beginners, this simplified version is considered True as it captures the core idea (availability for supply, consumer desire to buy for demand, ignoring the "willing and able" and price - related aspects for a basic understanding).

Answer:

B. regulation

Second Question (True or False)