The Number 6

question 6

True/False

The number 6.0448, rounded to 2 decimal places, becomes 6.05.

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Definitions:

Surplus

An excess of production or supply over demand.

Excess Supply

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, leading to downward pressure on the price.

Equilibrium Quantity

The amount of products or services that are both offered and sought after at the balance price, where the supply meets the demand exactly.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.