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.
Well, to start, the Supreme Court could have ruled differently in Plessy v. Ferguson.
In Plessy, the Supreme Court condoned the practice of "separate but equal" making it permissible for the white south (and north) to create discriminatory practices.
Answer: state of nature / social contract
Explanation:
Theorists like Thomas Hobbes, John Locke, and Jean-Jacques Rousseau, developed different theories about the state of nature and the social contract, although their underlying ideas shared some similarities.
The state of nature refers to a real or hypothetical condition of humanity before any political association, and the social contract would be also either a real or hypothetical understanding about the rights and duties of the rulers and the ruled people.
World War 1 Ends
Germany suffers from hyperinflation
The Weimar Republic is created
The Great depression hits
Hitler comes to power
Answer:
using special processes, the Egyptians removed all moisture from the body leaving only a dried form that would not easily decay. it was important in their religion to preserve the dead body in as life like a manner as possible.