When Does a Surplus Occur

question 51

Multiple Choice

When does a surplus occur?

• A) When the quantity supplied is less than the quantity demanded
• B) When the quantity demanded is less than the quantity supplied
• C) When a market only sells secondary goods
• D) When producers see a need to increase the price of the good

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Definitions:

King Philip's War

A conflict between American Indian inhabitants of New England and English colonists and their Indian allies from 1675 to 1676.

Native American

Indigenous peoples of the Americas, including various tribes, cultures, and nations inhabiting the continent before European colonization.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and compelled to perform labor or services.

William Penn

An English Quaker leader and founder of Pennsylvania as a place for religious freedom in the late 17th century.