If the price of a product is above equilibrium, what forces it down?
What will be an ideal response?
When the price is above equilibrium, a surplus occurs. Some producers who are unable to sell the product will have an incentive to offer to sell the product at a lower price. A lower price will simultaneously decrease the quantity supplied and increase the quantity demanded. This downward pressure on price continues until the surplus is eliminated and equilibrium is achieved.
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The mandate for the monetary policy goals that has been given to the Federal Reserve System is an example of a ________ mandate
A) primary B) dual C) secondary D) hierarchical
The following have strengthened individual control over private property: taxation, zoning, land-use restrictions and eminent domain law
Indicate whether the statement is true or false