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:

Reform

The process of making changes to something in order to improve it, especially in social, political, or economic institutions or practices.

Utopian Communities

Idealistic communities created with the aim to achieve a perfect social, moral, and political life, often by adopting radically different ways of living.

Perfectionist Ideal

The pursuit of flawlessness and setting excessively high performance standards.