Refer to the Information Provided in Table 3

question 125

Multiple Choice

Refer to the information provided in Table 3.1 below to answer the questions that follow.
Table 3.1

-Refer to Table 3.1. If the price per pizza is $3, the price will

• A) remain constant because the market is in equilibrium.
• B) increase because there is an excess supply in the market.
• C) increase because there is an excess demand in the market.
• D) decrease because there is an excess supply in the market.

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Definitions:

Income Inequality

A measure of the extent to which income is distributed unevenly among a population.

Labor Unions

Organizations formed by workers to collectively negotiate with employers over wages, benefits, and working conditions, aiming to protect and improve members' interests.

Economic Inequality

The unequal distribution of wealth, income, or resources among individuals or groups within a society.

Perfect Equality

A theoretical state where all participants in an economy or society have exactly the same resources, opportunities, and outcomes.