Assuming There Is a Surplus in the Market for Copper

question 17

Multiple Choice

Assuming there is a surplus in the market for copper, if the market for copper is allowed to adjust, the ultimate result will be:

• A) an increase in price and an increase in the quantity demanded.
• B) an increase in price and an increase in the quantity supplied.
• C) a decrease in price and an increase in the quantity demanded.
• D) a decrease in price and an increase in the quantity supplied.

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Definitions:

Hydrothermal Rock

Rock formed from the alteration of pre-existing rock by mineral-rich hot water.

Sedimentary Rock

Rock resulting from the consolidation of sediment.

Igneous Rock

A type of rock that forms from the cooling and solidification of magma or lava.

Molten Rock

Rock that has been heated to a liquid form by extreme temperatures within the Earth's mantle or crust.