When the Market Price Is Above Equilibrium Then ____ and When

question 268

Multiple Choice

When the market price is above equilibrium then ____ and when the market price is below equilibrium, then ____.

• A)quantity demanded is greater than quantity supplied; quantity supplied is greater than quantity demanded.
• B)quantity supplied is greater than quantity demanded; quantity supplied is greater than quantity demanded.
• C)quantity supplied is greater than quantity demanded; quantity demanded is greater than quantity supplied
• D)the market is in equilibrium; the market is in equilibrium.

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Definitions:

Global Commodity Chain

The worldwide network of production and distribution processes through which a product passes until it reaches the consumer.

Glocalization

The practice of conducting business according to both local and global considerations.

Neoliberal Organization

An entity or group that operates based on neoliberal principles, emphasizing free markets, deregulation, and the reduction of government intervention in the economy.

Grotesque Inequality

An extreme level of disparity in wealth, income, and opportunity between different individuals or groups within a society.