If,at the Current Price,there Is a Surplus of a Good,then

question 153

Multiple Choice

If,at the current price,there is a surplus of a good,then

• A)sellers are producing more than buyers wish to buy.
• B)the market must be in equilibrium.
• C)the price is below the equilibrium price.
• D)quantity demanded equals quantity supplied.

---

Definitions:

FICA Tax Rate

The combined rate for Social Security and Medicare taxes that both employers and employees pay, based on a percentage of employees' wages.

Unemployment Taxes

Taxes that employers are required to pay to the government, which are used to fund unemployment benefits for workers who have lost their jobs.

Overtime Pay

Additional compensation paid to employees for hours worked beyond the standard workweek.

Payroll Register

A record that summarizes the wages, deductions, and net pay of all employees for each pay period.