If the Price Is Above the Equilibrium Price in the Market

question 135

Multiple Choice

If the price is above the equilibrium price in the market for grapefruit, total surplus:

• A)will increase.
• B)will decrease.
• C)will not change.
• D)may change, but we cannot determine the change without more information.

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Definitions:

Differential Item Functioning

A phenomenon where different groups of test-takers respond differently to a particular test item, not due to differences in the trait being measured but due to some other characteristic.

Construct

An abstraction that cannot be seen directly but is valued because it helps organize the myriad of potential observations in the real world.

Content Bias

A condition which occurs when testing materials are more familiar to one group than another.

Epistemology

The branch of philosophy concerned with the theory of knowledge, its nature, sources, and limitations.