Answer: Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.
Explanation:
Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.
Probably, there has been much demand before that made Joe's shop increase their price above the equilibrium price thereby making their shoes now more than the demand in the market.
Petrarch, I think i remember this correctly
Answer:
E. The gains from trade are due to specialization.
Explanation:
Specialization consists of the division of tasks where each person plays a role, specializing in that. Over time specialization has increased the productivity of companies and this is relevant even today as it lowers production costs. This also applies to countries. International trade theories explain that countries evolve by specializing in what has the greatest production advantage. Thus, if a country produces many grapes, it can specialize in wine production and export it. By contrast, this country may import products to which it does not specialize. Thus, everyone gains from international trade, the result of specialization.
Answer:
Thomas Jefferson was an American statesman, diplomat, lawyer, architect, philosopher, and Founding Father who served as the third president of the United States from 1801 to 1809.