-The Above Figure Shows the Market for Game Day T-Shirts

question 296

Multiple Choice

-The above figure shows the market for game day t-shirts.If the price of t-shirts is $8,then

• A) the market is in equilibrium.
• B) there is a surplus and the price of t-shirts will rise.
• C) the quantity demanded is greater than quantity supplied.
• D) there is a shortage and the price of t-shirts will fall.
• E) there is a surplus and the price of t-shirts will fall.

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Definitions:

Human Capital

The economic value of a worker's experience and skills, including education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Utilitarian Justice

A principle in ethics and economics that a decision should be made so as to maximize overall happiness and reduce suffering among all people affected by the decision.

John Stuart Mill

A British philosopher and economist, known for his contributions to liberalism, utilitarianism, and political economy.

Income Redistribution

The policy or practice of adjusting the distribution of income in a society to achieve social or economic objectives.