Suppose That a Market for a Product Is in Equilibrium

question 38

Multiple Choice

Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit

• A) there will be an excess demand for the product.
• B) there will be an excess supply of the product.
• C) the quantity supplied of the product will be less than the quantity demanded of that product.
• D) there will be a shortage of that product.

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Definitions:

Safety

The condition of being protected from or unlikely to cause danger, risk, or injury.

Exploitation

Taking unfair advantage of someone or a situation, often for personal gain, at the expense of others' welfare or rights.

Idealized Self-Image

For normal people, the self-image is an idealized picture of oneself built on a flexible, realistic assessment of one’s abilities. For neurotics, the self-image is based on an inflexible, unrealistic self-appraisal.

Tyranny of the Shoulds

A concept in psychology describing the oppressive burden of impossible expectations and standards one imposes on oneself, often leading to stress and unhappiness.