If a Producer Incorrectly Sets the Price of Its Product

question 143

Multiple Choice

If a producer incorrectly sets the price of its product too low:

• A) a shortage (excess demand) will result.
• B) a surplus (excess supply) will result.
• C) equilibrium will result.
• D) the producer will soon shut down.

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Definitions:

Job Stress

The physical and emotional strain a person experiences as a result of job demands or pressures.

Technology

Refers to the application of scientific knowledge for practical purposes, especially in industry and in our daily lives through tools, machines, systems, and devices.

Job Ladder

A hierarchy within a company or industry that illustrates the progression of roles from entry-level positions to higher levels of responsibility and authority.