If Price Is Initially Above the Equilibrium Level

question 30

Multiple Choice

If price is initially above the equilibrium level,

• A) the supply curve will shift rightward.
• B) the supply curve will shift leftward.
• C) excess supply exists.
• D) all firms can sell as much as they want.

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Definitions:

Functional Theorists

Sociologists who analyze society in terms of its institutions and their roles in maintaining social order, stability, and harmony.

Moral Boundaries

The limits that define acceptable behavior and values within a society or group.

Labeling Theory

A sociological perspective emphasizing that the labels society applies to individuals or groups significantly influence their social identity and behavior.

Deviant Behaviors

Actions or behaviors that violate social norms or values, ranging from minor infractions to serious crimes.