If the Price Is Above the Equilibrium Price,then

question 44

Multiple Choice

If the price is above the equilibrium price,then

• A)none of the good will be sold.
• B)the price must rise further to reach the new market equilibrium.
• C)a surplus exists.
• D)a shortage exists.
• E)price will not change;producers will cut back production until the market is in equilibrium.

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Definitions:

Analogical Representation

A mental representation of one thing that is similar in some way to another; used in problem-solving and reasoning.

Propositions

Statements or assertions that express judgments or opinions which can be either true or false.

Symbolic

Pertaining to symbols or symbolism; using symbols to represent ideas or qualities.

Predicate

The part of a sentence or clause that expresses what is said about the subject and is usually made up of a verb with or without objects, complements, or adverbial modifiers.