A Surplus Currently Exists in the Market for Whatzits

question 173

True/False

A surplus currently exists in the market for Whatzits.In a free market system,the government must step in and buy any Whatzits that consumers do not buy in order to eliminate the surplus and establish equilibrium.

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Definitions:

Black Muslims

Members of the Nation of Islam, an African American political and religious movement founded in the United States in 1930, which aims to improve the spiritual, mental, social, and economic condition of African Americans.

Mid-1960s

A period in the 20th century characterized by significant social, political, and cultural changes, including the civil rights movement and the escalation of the Vietnam War.

Black Panthers

An African-American revolutionary party, founded in 1966, that advocated for the defense of African-American communities from state oppression and police brutality.

Capitalist System

An economic system where trade, industry, and the means of production are largely or entirely privately owned and operated for profit, guided by market forces.