If the Current Price Is Above the Equilibrium Price, We

question 172

Multiple Choice

If the current price is above the equilibrium price, we would expect:

• A) quantity demanded to exceed quantity supplied.
• B) upward pressure on price.
• C) quantity supplied to exceed quantity demanded.
• D) no change in the market price.

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Definitions:

Great Lake

Each of the five large, interconnected freshwater lakes located in North America on the Canada-United States border, constituting the largest group of freshwater lakes by total area.

Water Pollution

The contamination of water bodies such as lakes, rivers, oceans, and groundwater, caused by harmful substances resulting from human activities.

Lake Erie

The fourth-largest lake of the five Great Lakes in North America, known for its fishing industry, recreation, and as a critical source of fresh water.

Experimental Lakes Area

A freshwater research facility in Canada, focusing on the impact of human activity and environmental changes on freshwater ecosystems.