When the Price Is Either Higher or Lower Than the Equilibrium

question 183

Multiple Choice

When the price is either higher or lower than the equilibrium price,the quantity exchanged will be ________ the equilibrium quantity.

• A) higher than
• B) lower than
• C) equal to
• D) either lower than or higher than
• E) either equal to or lower than

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Definitions:

Brand Awareness

Consumers' recognition and knowledge of a specific brand's features or identity.

Company

An entity formed for the purpose of conducting business activities, which can range in size from sole proprietorships to large multinational corporations.

Brand Associations

The feelings, beliefs, and knowledge that consumers have about a brand, which can influence their purchasing decisions.

Decision

The act of making a choice among available alternatives.