If the Price Is Below the Equilibrium Price in the Market

question 151

Multiple Choice

If the price is below the equilibrium price in the market for apples,assuming a positively sloped supply curve and a negatively sloped demand curve,total surplus:

• A) will be greater than if price were at equilibrium.
• B) will be less than if price were at equilibrium.
• C) will be the same as if price were at equilibrium.
• D) may be different than if price were at equilibrium,but we cannot determine this without more information.

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Definitions:

Criterion Validity

The extent to which a measure is related to an outcome or criterion, showing how well one measure predicts an outcome based on another measure.

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Aggression

Behavior intended to harm or intimidate others, which can be physical or verbal.