A Surplus Exists in the Market When

question 74

Multiple Choice

A surplus exists in the market when

• A)the quantity demanded exceeds the quantity supplied.
• B)supply and demand are equal.
• C)the quantity demanded is less than the quantity supplied.
• D)the supply curve has shifted to the left.
• E)the equilibrium price is too low.

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Definitions:

Colonialism

A practice of domination, which involves the subjugation of one people to another, often involving the exploitation of resources, cultures, and territories.

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, referring to the process where new innovations lead to the demise of older technologies or structures.

Capitalism

An economic system characterized by private ownership of the means of production and the creation of goods or services for profit in a competitive market.

Centralized World

A global system in which political, economic, or cultural power is concentrated in a few central locations or authorities.