If the Equilibrium Price of Good X Is $4 and a Price

question 56

Multiple Choice

If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n) :

• A) depletion of inventories.
• B) shortage.
• C) surplus.
• D) equilibrium.

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Definitions:

Individualistic Culture

A culture that emphasizes personal achievements and individual rights, often prioritizing the individual over the group.

Defense Mechanism

Psychological strategies used unconsciously to protect oneself from anxiety arising from unacceptable thoughts or feelings.

Rationalization

A defense mechanism where controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.

Denial

A psychological defense mechanism in which confrontation with a reality or fact is avoided by denying the existence of the problem or reality.