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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The process of transforming economies to large-scale manufacturing and technological advancements, shifting from agrarian to industrial sectors.

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