Assume the Current Price of Good X Is Too High,i

question 9

Essay

Assume the current price of good X is too high,i.e.,it is above the equilibrium price.Describe the changes that would occur in a market as a result,i.e.,explain how the market would adjust to equilibrium.

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Definitions:

Susceptible

The state of being likely or prone to be affected or influenced by a particular condition, influence, or disease.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.

Clinical Psychology Program

An academic and professional training program that prepares individuals to become professional psychologists, emphasizing the diagnosis and treatment of mental health issues.

Ohio State

A reference to Ohio State University, an American public research university located in Columbus, Ohio.