In the graph:
The vertical axis implies the price, the horizontal axis implies the quantity supplied and demanded. The downward line is the demand curve, the upward line is the supply curve.
As it can be seen in the graph, demand curve and supply curve intersect at point A. So that point A implies the equilibrium of the market when the quantity supplied equal to the demand supplied equal to Q1 (S = D = Q1) and the price is P1.
When the price is at P2, the quantity supplied (Q2) is larger than demanded (Q3), resulting in the surplus in the market.
When the price is at P3, the quantity demanded (Q4) is larger than supplied (Q5), resulting in the shortage in the market.
<u>Answer:
</u>
Carmen is most probably engaged in deviance and her actions imply that she does not bother herself with the opinions of others.
<u>Explanation:
</u>
- The way Carmen has chosen to dress for a formal wedding explicitly clarifies that she has opted to not restrict herself to the norms and conventions accepted by society.
- It seems that she feels good to stand out and deviate from society by doing strange, non-conventional dressing and by exhibiting deviance.
Answer:
False.
Explanation:
Inflation is the increase in the average price level in the economy and deflation is the decrease.