Which of the Following Statements Best Describes How Equilibrium Varies

question 97

Multiple Choice

Which of the following statements best describes how equilibrium varies?

• A) At prices below equilibrium, demand exceeds supply.
• B) Government intervention is usually needed to achieve market equilibrium.
• C) At prices above equilibrium, suppliers produce less than consumers are willing to buy.
• D) A surplus of product pushes prices above equilibrium.

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Definitions:

Midcentury

A term generally used to specify the middle period of the 20th century, characterized by distinctive trends in design, culture, and politics.

Tertiary Sector

Jobs that provide services (e.g., teaching, nursing) rather than goods.

Nineteenth Century

The period from 1801 to 1900, marked by significant industrial, social, and political changes worldwide.

Primary Sector

Jobs dedicated to exploiting raw materials (e.g., logging, mining).