If the Market Price Is Above the Equilibrium Price

question 242

Multiple Choice

If the market price is above the equilibrium price,

• A) a shortage will occur and producers will produce more and lower prices.
• B) a surplus will occur and producers will produce less and lower prices.
• C) a surplus will result and consumers will bid prices up.
• D) producers will make extremely high profits.

---

Definitions:

Lengthy Study

An extended period of academic or scientific research aimed at investigating a specific hypothesis, question, or area of knowledge.

Randomly Assigned

A method used in research studies where participants are assigned to different groups in a completely unpredictable manner to ensure that the groups are equivalent at the start.

Preexisting Differences

Variations among individuals or groups that exist before the start of an experiment or study, which could affect its outcomes.

Research Participants

Individuals who take part in scientific studies, providing data for analysis and insights into various research questions.