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:

False Ribs

The ribs that are not directly attached to the breastbone (sternum) but are connected to the true ribs above them by cartilage.

Appendicular Skeleton

The part of the skeleton that consists of the limbs and their girdles, facilitating movement.

True Ribs

The first seven pairs of ribs that are directly attached to the sternum by costal cartilages, playing a vital role in protecting the chest cavity's organs.

Circulatory System

The system in the body by which blood and lymph are circulated, consisting of the heart, blood vessels, and lymphatic vessels.