If the Price of a Good Is Above the Equilibrium

question 126

Multiple Choice

If the price of a good is above the equilibrium price,then

• A) the government needs to set a higher price.
• B) firms,dissatisfied with growing inventories,will raise the price.
• C) consumers,wanting to ensure they acquire the good,will bid the price lower.
• D) the government needs to set a lower price.
• E) firms,dissatisfied with growing inventories,will lower the pricE.

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Definitions:

Lubricant

A lubricant is a substance used to reduce friction between surfaces in contact, minimizing wear and facilitating smooth movement.

Joint Cavities

Structures in the human body where two bones meet, allowing for movement and providing a protective space for organs.

Proteoglycan

Large molecules found in the extracellular matrix of connective tissues, consisting of a protein core and glycosaminoglycan chains; important for tissue hydration and elasticity.

Traps Water

Refers to materials or structures that are capable of retaining water or moisture.