If Price Is Above the Equilibrium Price, Then There Will

question 147

Multiple Choice

If price is above the equilibrium price, then there will be:

• A)both excess supply and excess demand.
• B)neither excess supply nor excess demand.
• C)excess supply.
• D)excess demand.

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Definitions:

Strategic Plan

A document outlining an organization's long-term goals and the actions needed to achieve them, considering internal and external factors.

Principles

Basic principles or statements that provide the groundwork for a belief system or behavioral code, or which underpin a sequence of logical deductions.

Conduct

The manner in which an organization or individual behaves in a professional or personal setting.

Profits

The financial gain realized when the revenues generated from business activities exceed the expenses, costs, and taxes associated with sustaining the operation.