If There Is a Surplus

question 309

Multiple Choice

If there is a surplus

• A)fewer producers want to sell the product because it is too scarce.
• B)consumers will drive up the price further.
• C)firms will drive up the price to enhance profits.
• D)the price will decline to the equilibrium level.

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Definitions:

King George III

The monarch of Great Britain and Ireland during the time of the American Revolution, whose reign spanned from 1760 to 1820.

Common Sense

A pamphlet written by Thomas Paine in 1776 advocating for American independence from Britain, emphasizing clear, rational arguments accessible to the general populace.

Parliament

The supreme legislative body in a parliamentary system, often composed of two houses (bicameral), where elected representatives debate and pass laws.

Independence

The condition of a nation, country, or state which exercises self-government, and sovereignty, over its territory, free from external control.