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.
I believe it was the division of Byzantium and the Latin West. Byzantium was the emperor of Constantinople the area around Greece and Turkey and North into Russia. Latin West was under the control of different people until dominance of the Franks in the region. Another powerful and well noted authority was the Pope. Basically...there was a the decline of Rome and different views on the Christian doctrine. (Q_Q ) That's the best way I can word it.
A representative government, economic equality for all, and exchange of land for service and protection of individual rights
Was also apart of the Battle of Saratoga where he and Benedict Arnold used guerrilla tactics against the British. ... He originally fought for the American Continental Army but then betrayed America by turning to the British Army when he felt the Continental Army was treating him unfairly.
Answer:
Patriots
Explanation:
Federalists are people who supported the constitution. They were also called Patriots.
