The Market Price of Apples Is Currently Rising

question 106

Multiple Choice

The market price of apples is currently rising. In a free-market economy, the most likely explanation of this price change is that:

• A) the government has decided to set a higher price so that firms competing in the market make an adequate profit.
• B) there is a shortage in the market for apples.
• C) the supply of money has decreased.
• D) the equilibrium price is lower than the market price.

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Definitions:

Collective Conscious

A set of shared beliefs, morals, and attitudes that operate as a unifying force within society.

Elaborated Explanations

This involves providing detailed and clarified information to make a concept or idea clear and understandable.

Intentional Tort

A wrongful act done deliberately, which injures another person and can lead to civil legal liability.

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The act of exiting or being discharged from a healthcare or institutional setting.