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.
Liberals believe in government action to achieve equal opportunity and equality for all. Conservatives believe in personal responsibility, limited government, free markets, individual liberty, traditional American values and a strong national defense. Hope this helped!
Answer:
Greater emphasis on nature
Explanation:
The Second Great Awakening was a movement that happened around the 1800s that caused great evangelical Protestantism revival. Baptists and Methodists were the main religions that participated in this movement, they worked together to take the religion around the country.
These religions emphasized work ethic, frugality, and temperance, they believed that individuals were responsible for amending their lives. They also expanded the education of children emphasizing on religion by publishing Christian literature.
Yes. This quote or except from the book supported the need of Germany of colonial possessions and lands in order to suffice the need of the country. As an industrial country it needed vital raw resources that can only be found in the colony that can shape the nation's economy. Also it shaped the social standing of Germany as a powerful nation and shapes the new political battleground that consumed Europe for centuries.