When a Market Is in Equilibrium but Too High for Some

question 137

Multiple Choice

When a market is in equilibrium but too high for some consumers:

• A)the government will intervene to set the correct prices
• B)the price determines which buyers and sellers participate in the market, and those unable to afford the good will opt out
• C)those buyers who value the good less than the price choose to buy the good
• D)those sellers whose costs are more than the price choose to produce and sell the good

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Definitions:

Class 8 Highway Truck

A classification for heavy trucks as defined by the Department of Transportation, based on their gross vehicle weight rating (GVWR), typically over 33,000 pounds.

Tire Sizes

Refers to the specifications of tires, including width, aspect ratio, and diameter, which determine their compatibility with different vehicles and driving conditions.

Flat Spot

An area on a tire that has become flat due to prolonged stationary pressure, causing uneven tire wear and potentially impacting vehicle handling.