When the Price Is Less Than the Equilibrium Price

question 235

Multiple Choice

When the price is less than the equilibrium price

• A) there will be a shortage.
• B) some consumers will be willing to pay a price higher than the prevailing price.
• C) the price will be forced higher.
• D) All of the above answers are correct.

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Definitions:

Remanded

Refers to the act of sending a legal case back to the original trial court for further proceedings or a new trial.

Appeals Court

An appeals court is a court that reviews decisions made by lower courts to ensure the law was applied correctly and justice was served.

Civil Case

A legal dispute between two or more parties that involves seeking compensation or specific performance rather than criminal sanctions.

Judicial Restraint

The principle that judges should limit their own power to strike down laws unless they clearly violate the Constitution.