If the Market Price Is Above the Equilibrium Price

question 242

Multiple Choice

If the market price is above the equilibrium price,

• A) a shortage will occur and producers will produce more and lower prices.
• B) a surplus will occur and producers will produce less and lower prices.
• C) a surplus will result and consumers will bid prices up.
• D) producers will make extremely high profits.

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Definitions:

Great Society

A set of domestic programs launched by President Lyndon B. Johnson with the goal of eliminating poverty and racial injustice in the United States during the 1960s.

Black Power

A political and social movement among Black Americans emphasizing racial pride, economic empowerment, and the creation of Black political and cultural institutions.

Anti-war Movement

A social movement opposing war and militarism, often focusing on the moral, economic, and humanitarian impacts of military conflict.

Anti-war Movement

Collective campaigns and protests, especially prominent during the Vietnam War, opposing military conflict and advocating for peace.