Assume in a Competitive Market That Price Is Initially Above

question 116

Multiple Choice

Assume in a competitive market that price is initially above the equilibrium level. We can predict that price will

• A) decrease, quantity demanded will decrease, and quantity supplied will increase.
• B) decrease and quantity demanded and quantity supplied will both decrease.
• C) decrease, quantity demanded will increase, and quantity supplied will decrease.
• D) increase, quantity demanded will decrease, and quantity supplied will increase.

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Definitions:

Adolescents

Individuals in the transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.

Heritability

The proportion of observed variation in a particular trait (as within a population) that can be attributed to inherited genetic factors in contrast to environmental ones.

Genetic Variability

The variation in the DNA sequence in each of our genomes, which is a key factor in the biological diversity among individuals and populations.

Enriched Soil

Soil that has been enhanced with additional nutrients and organic matter to improve plant growth.