When the Price of a Good Is Above Its Equilibrium

question 157

Multiple Choice

When the price of a good is above its equilibrium price, a:

• A) surplus puts upward pressure on the price.
• B) surplus puts downward pressure on the price.
• C) shortage puts upward pressure on the price.
• D) shortage puts downward pressure on the price.

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Definitions:

Class Consciousness

Awareness by a social class of its own interests, conditions, and the need for collective action to bring about social change.

Objective Economic

Relating to economic phenomena that can be quantitatively measured and analyzed without bias or subjective interpretation.

Capitalist Societies

Economic and social systems where trade, industry, and the means of production are largely or entirely privately owned and operated for profit.

Cultural Superstructure

A concept in Marxist theory describing the cultural, ideological, and institutional structures built upon the economic base of society.