Rockefeller3.Beginning with a small oil refinery, this man‘s Standard Oil began to put competitors out of business.
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 answer is D? i’m pretty sure
Answer:
The Constitution also provides that the Senate shall have the power to accept or reject presidential appointees to the executive and judicial branches. ... In debating the issue, the framers addressed concerns that entrusting the appointment power exclusively to the president would encourage monarchical tendencies.
Answer:
More than 200 people were accused, 19 of whom were found guilty and executed by hanging
Explanation:
The Salem witch trials were a series of hearings and prosecutions of people accused of witchcraft in colonial Massachusetts between February 1692 and May 1693.
