Suppose the Equilibrium Price of Oranges Is $2

question 205

Multiple Choice

Suppose the equilibrium price of oranges is $2.00 per pound.If the actual price is above the equilibrium price,a

• A) shortage exists and the price falls to restore equilibrium.
• B) shortage exists and the price rises to restore equilibrium.
• C) surplus exists and the price falls to restore equilibrium.
• D) surplus exists and the price rises to restore equilibrium.
• E) surplus exists but nothing happens until either the demand or the supply changes.

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Definitions:

Self-Concept

A person's self-view, including their thoughts, feelings, and awareness of their own skills and characteristics.

Schwartz's Values Model

A theoretical model developed by Shalom H. Schwartz, representing universal human values as motivations and guiding principles for behavior.

Openness To Change

The willingness or propensity of individuals or organizations to adapt to new ideas, practices, or conditions.

Conservation

The act of preserving, protecting, or restoring natural resources and the environment.