When There Is an Excess Demand of a Product in an Unregulated

question 241

Multiple Choice

When there is an excess demand of a product in an unregulated market, the tendency is for

• A) price to rise.
• B) price to decrease.
• C) quantity supplied to decrease.
• D) quantity demanded to increase.

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Definitions:

Zygmunt Bauman

A Polish-born sociologist known for his analyses of the links between modernity, globalization, and new forms of social life.

Poor

Individuals or groups lacking financial resources or sufficient income to meet the standard of living or basic needs in their society.

Nation-State

A political entity characterized by a defined geographical territory, sovereign governance, and a common sense of identity and culture among its people.

Theorists

Individuals who develop theories, especially in fields like philosophy, sociology, and political science, to explain various aspects of the world.