If a Surplus Exists in a Market, Then We Know

question 229

Multiple Choice

If a surplus exists in a market, then we know that the actual price is

• A)above the equilibrium price, and quantity supplied is greater than quantity demanded.
• B)above the equilibrium price, and quantity demanded is greater than quantity supplied.
• C)below the equilibrium price, and quantity demanded is greater than quantity supplied.
• D)below the equilibrium price, and quantity supplied is greater than quantity demanded.

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Definitions:

Theory Of Mind

A system of beliefs about the way one’s own mind and the minds of others work, and of how individuals are affected by their beliefs and feelings.

Beliefs

The convictions or acceptances that something is true or exists, often without empirical evidence.

Minds

Refers to the aspects of intellect and consciousness experienced as combinations of thought, perception, memory, emotion, will, and imagination.

Anthropomorphism

The attribution of human traits, emotions, or intentions to non-human entities.