The Current Price of Neckties Is $30,but the Equilibrium Price

question 104

Multiple Choice

The current price of neckties is $30,but the equilibrium price of neckties is $25.As a result,

• A) the quantity supplied of neckties exceeds the quantity demanded of neckties at the $30 price.
• B) the equilibrium quantity of neckties exceeds the quantity demanded at the $30 price.
• C) there is a surplus of neckties at the $30 price.
• D) All of the above are correct.

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Definitions:

Candle Flame

The visible part of a candle light, produced by the hot, glowing combustion of the candle wick and wax.

Optic Nerve

A cranial nerve that transmits visual information from the retina to the brain.

Retina

The light-sensitive layer of tissue at the back of the inner eye that converts light images to electrical signals sent to the brain.

Fovea

The fovea is a small depression in the retina of the eye where visual acuity is highest due to the concentration of cones, which are responsible for color vision.