If a Minimum Price Is Set Above the Equilibrium Price

question 3

Multiple Choice

If a minimum price is set above the equilibrium price:

• A) quantity demanded will be greater than quantity supplied
• B) quantity supplied will be less than quantity demanded
• C) quantity demanded will be less than quantity supplied
• D) quantity demanded will equal quantity supplied

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Definitions:

Convertible

A type of car or bond that can be converted into another form, such as a convertible car with a retractable roof or a bond that can be converted into stock.

Population

The entire set of individuals or items that is the subject of study in statistical analysis.

Random Variables

Variables representing numerically measurable outcomes of random events.

Numerical

Pertaining to numbers, often used to describe data or methods that involve the manipulation or analysis of numbers.