If the Market Price Is Above the Equilibrium Price, There

question 400

Multiple Choice

If the market price is above the equilibrium price, there will be a tendency for price to decrease, causing

• A) the quantity demanded to decrease and the quantity supplied to increase until they are equal.
• B) the quantity demanded to increase and the quantity supplied to decrease until they are equal.
• C) both quantity demanded and quantity supplied to decrease until they are equal.
• D) both quantity demanded and quantity supplied to increase until they are equal.

Understand how public goods create positive externalities.

Interpret economic data and decision-making in government and public administration contexts.

Comprehend the approaches to valuing human life from an economic perspective.

Identify the characteristics of goods in terms of their excludability and rivalrousness in consumption.

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Definitions:

Management

The act of coordinating and overseeing the operations of an organization or project, ensuring effective use of resources to meet objectives.

Social Barriers

Obstacles that prevent individuals or groups from accessing resources, opportunities, or social acceptance, often based on discrimination or bias.

Primary Labor Market

Segments of the labor market characterized by high wages, good benefits, job security, and working conditions, often requiring higher education or specialized skills.

Deskilling Thesis

The argument that technology and organizational changes reduce the need for skilled labor by simplifying tasks.