The Market System Automatically Corrects a Surplus Condition in a Competitive

question 32

Multiple Choice

The market system automatically corrects a surplus condition in a competitive market by

• A) raising the price of the commodity in question while increasing the quantity demanded.
• B) raising the price of the commodity in question while decreasing the quantity demanded.
• C) reducing the price of the commodity in question while increasing the quantity demanded.
• D) reducing the price of the commodity in question while decreasing the quantity demanded.

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Definitions:

Election 2000

The United States presidential election of 2000 was a contested election between George W. Bush and Al Gore, ultimately decided by the Supreme Court in favor of Bush.

Political Struggle

The conflict or competition between different political groups or ideologies for power, influence, or achievement of specific goals.

Democracy

A form of government in which power is vested in the people, either directly or through elected representatives.

Extrinsic Motivation

Motivation driven by external rewards such as money, fame, grades, and praise.