At Any Price Higher Than the Equilibrium Price, A________ in Quantity

question 33

Multiple Choice

At any price higher than the equilibrium price, a________ in quantity will be created and at any price lower than the equilibrium price, a________ _ in quantity will be created.

• A)shortage; surplus
• B)surplus; shortage
• C)surplus; surplus
• D)shortage; shortage

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Definitions:

Sex Hormones

Chemical substances that serve as messengers affecting the function of specific target organs responsible for secondary sex characteristics and reproductive activity.

Steroids

A class of lipids that have a basic structure consisting of four linked carbon rings, and include many hormones, alkaloids, and vitamins.

Terpenes

A large and diverse class of organic compounds, produced primarily by plants, that are the major components of essential oils.

Isoprene

A common organic compound with the formula C5H8, used as the monomer unit in the natural synthesis of rubber and other terpenes.