Excess Demand Exists in a Market When

question 48

Multiple Choice

Excess demand exists in a market when:

• A) the quantity supplied is greater than the quantity demanded.
• B) demand for the good is falling.
• C) the price in the market is below the equilibrium price.
• D) market prices are very low.

---

Definitions:

Prejudice

Preconceived opinions or judgments about individuals or groups without sufficient knowledge, often rooted in stereotypes, leading to unfair treatment.

Discrimination

The behavioural expression of prejudice.

Attitude

(a) A relatively enduring organization of beliefs, feelings, and behavioral tendencies towards socially significant objects, groups, events, or symbols. (b) A general feeling or evaluation – positive or negative – about some person, object, or issue.

Behaviour

What people actually do that can be objectively measured.