If Economists Say, "The Price Is Too High," They Mean

question 44

Multiple Choice

If economists say, "the price is too high," they mean that:

• A) quantity demanded is greater than quantity supplied.
• B) quantity supplied is greater than quantity demanded.
• C) the equilibrium price exceeds the current price.
• D) the price of a good will tend to increase.

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Definitions:

Sociology

The study of social behavior, society, patterns of social relationships, social interaction, and culture that surrounds everyday life.

Major Contribution

A significant addition or enhancement made by an individual or group in a particular field or area of study.

Social Factors

Social factors are elements within a society that influence the behavior, preferences, and attitudes of its members, such as family, education, and income levels.

Sociological Perspective

A viewpoint in sociology that involves looking at social phenomena from a broad scale to see how people's behaviors are shaped by the society surrounding them.