If the Current Price of Pizzas Is Above the Equilibrium

question 25

Multiple Choice

If the current price of Pizzas is above the equilibrium price of Pizzas then

• A)Sellers of pizzas have an incentive to increase the price
• B)Sellers of pizzas have an incentive to decrease the price
• C)Buyers of pizzas have an incentive to buy more
• D)Buyers of pizzas have an incentive to buy less

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Definitions:

Consistent

A property of a set of statements that allows them all to be true at the same time without contradiction.

Contingency

A forthcoming incident or situation which may occur but its certainty cannot be ascertained.

Conditional Statement

A statement in logic that involves an if-then structure, asserting that if one thing is true, then another will follow.

Contradictory

Describing propositions, beliefs, or statements that are mutually opposed or inconsistent, such that if one is true, the other must be false.