When the Price of a Good Is Above Its Equilibrium

question 157

Multiple Choice

When the price of a good is above its equilibrium price, a:

• A) surplus puts upward pressure on the price.
• B) surplus puts downward pressure on the price.
• C) shortage puts upward pressure on the price.
• D) shortage puts downward pressure on the price.

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Definitions:

Public Place

An area that is open and accessible to people, such as a park, street, or public square.

Social Identity

The part of a person’s self-concept that is based on his or her identification with a nation, religious or political group, occupation, or other social affiliation.

Self-Concept

An individual's perception of themselves, including beliefs about one's own abilities, appearance, and personality.

Bystander Apathy

A psychological phenomenon where individuals are less likely to offer help to a victim when other people are present.