The Figure Below Show the Demand and Supply Functions for a Product

question 227

Multiple Choice

The figure below show the demand and supply functions for a product. Decide which line shows the supply function and which line the demand function. ​ ​
Will a price above the equilibrium price result in a market surplus or shortage?
​

• A)shortage
• B)surplus

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Definitions:

Ethical Behaviour

The practice of conducting oneself according to accepted principles of right and wrong, especially within a professional context.

Greatest Good

A principle often used in ethics and philosophy that refers to the action or policy that maximizes happiness or welfare for the greatest number of people.

Corporate Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business organization.

Core Value

Fundamental beliefs or guiding principles that dictate behavior and action within an organization.