(Figure: Interpreting Market Equilibrium) If the Price Were $20, Then

question 29

Multiple Choice

(Figure: Interpreting Market Equilibrium) If the price were $20, then there would be a _____ units and the price would _____.

• A) shortage of 4,000; fall
• B) shortage of 2,000; rise
• C) surplus of 4,000; fall
• D) surplus of 2,000; fall

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Definitions:

U.S. model

A term that refers to the United States' unique blend of market-driven economics and its specific regulatory, labor, and consumer practices which influence global business norms.

Labor relations

The field that studies and manages the relationships between employers and their employees, particularly when employees are represented by a union.

Economic conditions

The state of an economy at a given time, including factors like inflation, employment rates, and GDP growth that influence business and labor markets.

Susceptible

Being likely to be influenced or harmed by a particular thing or condition.