Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the Figure

question 11

Multiple Choice

Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the figure. At a price of $1, the market is characterized by a(n) :

• A) excess supply of 2 units.
• B) excess demand of 4 units.
• C) surplus of 4 units.
• D) shortage of 6 units.

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Definitions:

Group Development

A process by which a group of individuals with a common purpose evolves into a cohesive unit with defined roles and norms.

Group Process

The way group members deal with one another while working on a task.

Coordinating Stage

A phase in teamwork or project management where the group organizes its efforts and resources effectively to execute a plan.

Group Development

The stages that a group goes through from its formation to achieving high levels of performance and cohesion.