If price is above the equilibrium, then quantity supplied will be greater than quantity demanded, putting downward pressure on price.
Answer the following statement true (T) or false (F)
True
You might also like to view...
An inclusive union
A. is most concerned with increasing the demand for workers in an industry. B. organizes a wide range of workers in an industry to gain bargaining power. C. restricts supply of labor through licensing requirements. D. is most effective in a purely competitive industry.
What are the strengths and weaknesses of the negative income tax (NIT) as an alternative to traditional welfare programs?
What will be an ideal response?
For foreign direct investment to occur, the purchase has to be more than
A) 8 percent but less than 10 percent of shares in a business located abroad. B) 5 percent but less than 10 percent of shares in a business located abroad. C) 10 percent of shares in a business located abroad. D) 2 percent but less than 5 percent of shares in a business located abroad.
Anti-competitive policies are often enforced by government because the public seems to think price cutting by large sellers
A) creates monopolies by reducing competition. B) increases competition among sellers. C) raises prices at the wholesale but not at the retail level. D) reduces the elasticity of margins.