If Price Is Above the Equilibrium Value,then

question 99

Multiple Choice

If price is above the equilibrium value,then

• A) producers hope that buyers will want more in the future.
• B) buyers are unhappy because they are unable to find the good for sale.
• C) producers find their inventories growing and will start to cut price.
• D) neither buyers nor sellers have an incentive to alter their behaviour.
• E) the government must enforce price controls.

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Definitions:

Valid Contract

An agreement that meets all legal requirements and is enforceable by law.

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The legal ability of a person to enter into a contract.

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Legal ability refers to the combination of knowledge, skills, and competence that enables a practitioner to effectively perform legal tasks and duties in compliance with the standards of the profession.

Contractual Relationship

A legally binding agreement between two or more parties that outlines the terms and conditions of their engagement.