If Price Is Above the Equilibrium Level, Competition Among Sellers

question 69

Multiple Choice

If price is above the equilibrium level, competition among sellers to reduce the resulting

• A) surplus will increase quantity demanded and decrease quantity supplied.
• B) shortage will decrease quantity demanded and increase quantity supplied.
• C) surplus will decrease quantity demanded and increase quantity supplied.
• D) shortage will increase quantity demanded and decrease quantity supplied.

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Definitions:

Physiological Determinants

Biological factors that influence the functioning of an organism, affecting physical health and behavior.

Emotional Experience

The subjective feeling associated with a state or reaction that involves a complex psychological and physiological response to a particular situation.

Autonomic Activation

The process involving the autonomic nervous system, which controls involuntary bodily functions and responses, such as heart rate and digestion.

Different Emotions

Refers to the variety of subjective experiences associated with distinct feelings, such as happiness, sadness, anger, and fear, each playing a role in human behavior and thought.