If the Current Market Price Is Above the Equilibrium Price

question 356

Multiple Choice

If the current market price is above the equilibrium price, then:

• A) the quantity demanded exceeds the quantity supplied.
• B) there will be a shortage.
• C) the quantity supplied will exceed the quantity demanded.
• D) the price will have to increase to establish equilibrium.
• E) demand will shift to the left.

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Definitions:

Foreign Debt

Money borrowed by a country from foreign lenders, including international organizations, governments, or commercial banks.

National Currency

The official money issued and used by a specific country, serving as its primary medium of exchange.

Foreign Goods

Products or services that are produced outside one's own country and are imported for use or sale.

Manufacturing Sector

A segment of the economy dedicated to the production of goods through the processing of raw materials and the use of machinery.