______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.

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BlackTom AI · Accepted Answer

The question presents a scenario involving discontented sellers who feel prices are too low and appeal to legislators to prevent prices from falling. This describes a government intervention designed to keep prices from dropping below a certain level.

In economic terms, such interventions are price floors, which set a minimum allowable price for a good or service. When implemented, price floors aim to prevent prices from falling to equilibrium or below, thereby supporting sellers who would otherwise receive lower prices in a free market.

If there had been multiple choices, you would look for the option that characterizes a policy setting a minimum price. By contrast, price ceilings would set a maximum price (to prevent prices from rising too high), which is the opposite of what the scenario describes. Other potential distractors could include phrases like 'price controls' in a general sense, but the specific mechanism described—keeping prices from falling—points to price floors as the precise term.

In short, the act of enacting measures to keep prices from falling aligns with the concept of price floors, reflecting government intervention to maintain minimum prices for sellers.

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______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.

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