Suppose the Equilibrium Price of Good Y Is $5 and the Equilibrium

question 21

Multiple Choice

Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:

• A)the quantity demanded will be greater than 150 units.
• B)the quantity supplied will be less than 150 units.
• C)there will be an excess demand for good Y.
• D)there will be an excess supply of good Y.

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Definitions:

Self-Directed Work Teams

Groups of employees who work together without traditional managerial supervision to achieve specified goals and objectives.

Ownership

Ownership is the legal right or title to an asset or property, giving the owner control over its use and disposition.