If the Price of a Good Is Equal to the Equilibrium

question 8

Multiple Choice

If the price of a good is equal to the equilibrium price,

• A) there is a shortage and the price will fall.
• B) the quantity demanded is equal to the quantity supplied and the price remains unchanged.
• C) there is a surplus and the price will rise.
• D) there is a shortage and the price will rise.
• E) there is a surplus and the price will fall.

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Definitions:

Critical Incidents

Significant events or situations that have a profound impact on an operation or system, often necessitating immediate response.

Behaviourally Anchored Rating Scale

A performance appraisal method that uses specific descriptions of behaviors to rate various levels of performance.

Behaviour Observation Scale

A tool used in performance management to rate an individual's behavior in a specific context or situation.

Performance Standards

Specific criteria used to measure the efficiency, effectiveness, and quality of an employee's work or an organization’s outputs.