Setting a price with no variation for product buyers is called a ______ policy.

• A. price floor
• B. price ceiling
• C. black market
• D. fixed price

Answer: (D)

Verified step by step guidance

1. Understand the concept of pricing policies in microeconomics, which determine how prices are set and whether they can vary among buyers.
2. Recognize that a 'fixed price' policy means the seller sets one uniform price for all buyers without any variation or discrimination.
3. Differentiate this from a 'price floor,' which is a legally imposed minimum price, and a 'price ceiling,' which is a legally imposed maximum price.
4. Note that a 'black market' refers to illegal trading, not a pricing policy.
5. Conclude that the term describing a policy where the price is set with no variation for product buyers is called a 'fixed price' policy.