<span>With the conquests and voyages of explorers like Christopher Columbus, Portugal was the first country to really start the concept of European Imperialism, whereby countries ventured out for other lands as a way of increasing their influence upon the rest of the world.</span>
The economy operates according to the law of supply and demand for goods and services. According to this theory, the interaction between supply and demand for a good or service fits and the vector of adjustment is price.
If the price is high, there is more supply than demand. If the price is low, there is more demand than supply. If demand increases, price increases and supply increases. If demand falls, the price falls. That is, the price makes the interaction. There will be a moment where the quantity offered is exactly equal to the quantity demanded, at which point the price practiced is the equilibrium price.
So if an economy is in equilibrium at a time and then the price charged is higher than the equilibrium price, it means that demand has gotten higher than supply.
<u>However, none of the alternatives would explain why a price is charged above the equilibrium price.</u> <u>The answer is the reverse of what is written in alternative (A)</u>. The truth is this: As the quantity demanded rises, the price rises above the equilibrium price. <u>This is the answer</u>.
The alternative (B) is true, although it does not answer the question of the problem. If prices rise, demand falls. This is because the high price discourages consumption.
BTW, I'm an economist and I'm sure.
The constitution, slaves, white people, and more slaves
Answer:
On November 1, 1861, President Abraham Lincoln names George Brinton McClellan general in chief of the Union army, replacing the aged and infirm Winfield Scott.
Military Conflict: Battle of Antietam
Explanation:
