If There Is Surplus of a Good, Then the Quantity

question 128

Multiple Choice

If there is surplus of a good, then the quantity demanded __________the quantity supplied and the price will__________ .

• A) is less than; fall
• B) is greater than; rise
• C) is greater than; fall
• D) is less than; rise

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Definitions:

Nonmutually Exclusive

Events or conditions that can occur simultaneously or independently within the same context or framework.

Semantic Differential Scale

A type of survey scale used to measure the connotative meaning or attitudes of people towards a target object by presenting them with a set of bipolar adjectives.

Likert Scale

A psychometric scale commonly used in questionnaires to collect responses on how much individuals agree or disagree with a particular statement.

Dichotomous

Refers to something divided or dividing into two parts or classifications, often seen in data collection methods where responses are binary.