If the Price of a Good Is Low

question 33

Multiple Choice

If the price of a good is low,

• A)firms would increase profit by increasing output.
• B)the quantity supplied of the good could be zero.
• C)the supply curve for the good will shift to the left.
• D)firms can and should raise the price of the product.

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Definitions:

Federal Judgeship

A position that involves serving as a judge within the federal judiciary of a country, appointed to interpret and apply federal laws and the constitution.

Unanimous Vote

A voting outcome where all participants agree and there are no dissenting voices.

Judicial Review

The power of courts to assess the constitutionality of laws and government actions, striking down those that violate the constitution.

Marbury v. Madison

The 1803 Supreme Court case that established the principle of judicial review in the United States, confirming the judiciary's authority to invalidate legislation or executive actions deemed unconstitutional.