In a Competitive Market, If There Should Be a Surplus

question 25

Multiple Choice

In a competitive market, if there should be a surplus of a product at a given price:

• A) sellers will drive the price down.
• B) sellers will drive the price up.
• C) buyers will drive the price up.
• D) the price will tend to remain constant.

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Definitions:

Compounded Annually

The process of calculating interest on both the initial principle and the accumulated interest of previous periods once per year.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage.

Quadratic Form

An expression in algebra where the highest power of a variable is squared, typically in the format ax^2 + bx + c.

Completing The Square

A method used in algebra to solve quadratic equations by converting the equation to a perfect square trinomial.