Suppose the Equilibrium Price of Oranges Is $2

question 205

Multiple Choice

Suppose the equilibrium price of oranges is $2.00 per pound.If the actual price is above the equilibrium price,a

• A) shortage exists and the price falls to restore equilibrium.
• B) shortage exists and the price rises to restore equilibrium.
• C) surplus exists and the price falls to restore equilibrium.
• D) surplus exists and the price rises to restore equilibrium.
• E) surplus exists but nothing happens until either the demand or the supply changes.

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Definitions:

Develop Normally

The process of growing or evolving according to expected patterns or stages of physical, mental, or emotional growth.

Total Institutions

are places of residence and work where large numbers of individuals are cut off from wider society for a considerable period, leading lives enclosed and regulated by the institution.

Resocialization

The process by which individuals learn new norms, values, attitudes, and behaviors to adapt to a new social role or environment.

Initiation Rites

These are ceremonial events or rituals that mark the admission of an individual into a new status or community, often involving tests or tasks to be completed.