The Quantity Demanded of Good X in a Market Is

question 31

Multiple Choice

The quantity demanded of good X in a market is 400 units. The quantity of X supplied to the market is 800 units. The market price is $4. Which of the following statements are likely to be true?

• A) Buyers will negotiate with sellers and bid up the price of good X.
• B) There is a shortage in the market for good X.
• C) The price needs to fall for the market to be in equilibrium.
• D) The elasticity of demand for good X is low.

---

Definitions:

Personality

The unique set of emotional, thought, and behavioral patterns that define an individual's character and ways of interacting with the environment.

Environmental Influences

Factors within an individual's surroundings that affect their behavior, development, and life outcomes.

Psychosexual Development

Freud's theory suggesting the development of an individual's sexual identity progresses through several discrete stages from childhood to adulthood, each defined by a specific conflict and focus on different areas of the body.

Anal-retentive Trait

A personality characteristic linked with the psychoanalytic theory of Freud, often associated with a person who is overly orderly, precise, and resistant to change.