Writ of Certiorari: a document that orders a lower court to deliver its record in a case so that the higher court may review it.
Suppliers will keep raising prices as long as there is excess demand, & quantity demanded exceeds the quantity supplied. Hopes this helps
Answer:
c) Hotel rates for AAA members are lower than for nonmembers.
Explanation:
In business, the term price discrimination refers to the strategy by which the seller charges a different price for the SAME product because the seller knows that the client will pay that price. The key word of this definition is that the seller is offering the <u>same</u> service/product but at different costs
If we take a look at our options we can see that a) offers a different service (one is overnight shipping and the other is standard), b) also offers a different product (first-class seats vs. coach), finally, c) offers the same product (the same hotel rooms) but non members pay more for the rooms than AAA members.
Thus, the correct answer is c) Hotel rates for AAA members are lower than for nonmembers.
Answer:
Option (D) is correct.
Explanation:
When the government sets the price of a particular good above the equilibrium level is known as the binding price floor. But this will lead to an increase in the price level or we can say that will lead to an inflation. Hence, there is a fall in the purchasing power of the consumers and therefore, fall in the demand of goods.
So, this would create a surplus of goods due to the unsold quantity of goods.
