Which Is FALSE? When the Price of Gasoline Is Above

question 67

Multiple Choice

Which is FALSE? When the price of gasoline is above equilibrium

• A) some producer surplus is lost because the higher price causes some consumers not to buy.
• B) producers benefit because some consumers still buy gasoline at the higher price.
• C) some producer surplus is transferred from producers to consumers who buy the gasoline at the higher price.
• D) deadweight loss is created.

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Definitions:

Superordinate Dominated

Refers to a scenario where individuals or groups in higher or dominant positions exercise control or authority over others.

George Simmel

A German sociologist, philosopher, and critic known for his analyses of modern urban life and the forms of social interaction.

Human Created Forms

Man-made constructs or artifacts that embody cultural, philosophical, or social values and ideas.

Realist Position

A viewpoint in social science that asserts the existence of a reality independent of our thoughts or perceptions.