Suppose That a Market Is Characterized as Follows: Consumers Are

question 59

Multiple Choice

Suppose that a market is characterized as follows: consumers are willing and able to purchase 100 units and sellers are willing and able to sell 70 units. Which of the following statements are true?

• A) There is a shortage of 30 units.
• B) The market is not in equilibrium.
• C) The price in the market will increase.
• D) All of the answers are correct.

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Definitions:

Discrimination

Unjust or prejudicial treatment of different categories of people or things, especially on the grounds of race, age, or sex.

Federal Laws

Regulations established by the national government that apply throughout the country, superseding state and local laws where there is conflict.

Equal Rights

The principle that all individuals are entitled to the same rights and legal protections, without discrimination on any grounds.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially based on race, age, sex, or disability.