If Quantity Supplied Exceeds Quantity Demanded, There Is a Tendency

question 40

Multiple Choice

If quantity supplied exceeds quantity demanded, there is a tendency for:

• A) price to fall to restore equilibrium.
• B) price to rise to restore equilibrium.
• C) the demand curve to shift to the left to restore equilibrium.
• D) the demand curve to shift to the right to restore equilibrium.

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Definitions:

Correlation Coefficient

A statistical measure that indicates the extent to which two variables change together, but does not imply causation.

Ranges

The difference between the highest and lowest values in a set of data or the span across which something varies.

Heredity

The genetic transmission of traits from parents to offspring.

Stage Theory

A theory of development characterized by hypothesizing the existence of distinct periods of life. Stages follow one another in an orderly sequence.