Final answer:
The vendor packing slip triggers the receiving goods and services process. Price floors and ceilings, being government interventions, don't shift demand or supply but create surpluses or shortages by setting limits on prices that are above or below equilibrium. Option a.
Step-by-step explanation:
The vendor packing slip is a document that lists all the items included in a shipment, and it typically triggers the process of receiving goods and services option a. Universities or other organizations use this slip to confirm that the items listed on an order have been received. It is crucial for effectively managing inventory and ensuring that orders are complete and accurate.
Price Floors and Ceilings in Economics
In economics, setting a price floor means establishing a minimum price for a good or service, which is usually set above the equilibrium price. This does not shift the demand or supply curves but instead can cause a surplus if the price floor is set substantially above the equilibrium price or have a minimal effect if just slightly above the equilibrium price. When you sketch these scenarios on a demand and supply diagram, you will notice that the quantity supplied exceeds the quantity demanded in the case of a substantial price floor.
Similarly, a price ceiling sets a maximum price for a good or service and is typically placed below the equilibrium price to make the good or service more affordable. Like price floors, price ceilings do not shift the demand or supply curves but can lead to a shortage if implemented, as the quantity demanded would exceed the quantity supplied.