If the Price Is Above Equilibrium in the Free Market

question 8

Multiple Choice

If the price is above equilibrium in the free market:

• A) The price will increase to restore equilibrium.
• B) There will be a shortage.
• C) There will be a surplus.
• D) The government will intervene.

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Definitions:

Nurse Practitioners

Advanced practice registered nurses who have additional education and training in a specialty area, such as family practice or pediatrics.

Product Demand

The desire for a specific good or service supported by the capacity and willingness to purchase it at a given price.

Labor Demand

Labor demand refers to the quantity of labor that employers are willing and able to hire at a given wage rate in a given market.

Price of Paper

The cost at which paper is sold or bought in the market.