During the nineteenth century, Factory workers had it quite hard. The conditions were unbearable and are very dangerous. With dangerous vapor zooming around filling their lungs with dangerous chemicals. The eqiupment was most of the time dangerous and broken, which usally led to deaths.
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.
What exactly are you trying to figure out
Most likely b a sense of national identity
The North was occupied by the people of western England and mirrored their philosophy of hard word. The middle colonies were established by the people of Ireland and reflected their Celtic attitude of do enough to get the job done. The Deep South was settled by Prisoners in Georgia and political prisoners in Carolina (there was no north and south yet. These people were trying to establish a way of life that was distanced from that of Europe.
