When the Price of a Good Is Above Its Equilibrium

question 104

Multiple Choice

When the price of a good is above its equilibrium value,

• A) consumers will bid the price up.
• B) excess demand will occur.
• C) it will tend to stay above the equilibrium value.
• D) suppliers will notice their inventories are shrinking.
• E) suppliers will lower the pricE.

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Definitions:

HR Department

The division within a company that focuses on the recruitment, management, and direction of people who work in the organization, dealing also with issues such as compensation, performance management, and training.

High-Performance Work System

A strategic approach to organizational management that integrates practices and policies designed to enhance employee engagement, productivity, and competitiveness.

HRM

Stands for Human Resource Management, which involves managing people in organizations focusing on policies, systems, and practices.

HR Dashboard

A visual representation tool used in human resources to display key HR metrics and performance indicators in real time to aid decision-making.