If the Price Is Above the Equilibrium Price, Then There

question 506

Multiple Choice

If the price is above the equilibrium price, then there is a

• A) surplus, and market forces will operate to lower price.
• B) surplus, and market forces will operate to raise price.
• C) shortage, and market forces will operate to lower price.
• D) shortage, and market forces will operate to raise price.

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Definitions:

Revenue

The total amount of money received from the sale of goods or services, as well as from related business activities.

Sales

The activity or process of selling products or services in exchange for money; transactions between buyers and sellers.