​ -In Exhibit 3-16, Assume That the Market Price of Chairs

question 102

Multiple Choice

​
-In Exhibit 3-16, assume that the market price of chairs is $5 each. This price is: ​

• A) ​an equilibrium price.
• B) not an equilibrium price, since there is an excess supply at a price of $5.
• C) ​not an equilibrium price, since there is an excess demand at a price of $5.
• D) ​not an equilibrium price, since the rate at which chairs are being supplied is great than the rate at which they are being demanded.

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Definitions:

Marginalized

Describes individuals or groups that are excluded, ignored, or relegated to the outer edge of society or a community.

Original Culture

The fundamental characteristics, beliefs, and practices of a society or community that have been established over time and serve as the foundation for its current identity and social norms.

Majority Culture

The prevailing cultural practices, beliefs, and values of the dominant group in a society.

Social Support System

A network of friends, family, and peers who provide emotional, informational, and practical help.