The Graph Shown Depicts the Market for a Good

question 60

Multiple Choice

The graph shown depicts the market for a good. What state is this market in if the price of the good is $15?

• A) There is a shortage (excess demand), signaling that sellers should raise their price.
• B) There is a shortage (excess demand), signaling that buyers should leave the market.
• C) There is a surplus (excess supply), signaling that sellers should drop their price.
• D) There is a surplus (excess supply), signaling that buyers should bid up the price.

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Definitions:

Parents

The caregivers of a child, who may be biological, adoptive, step, or foster guardians.

Children

Young human beings, usually considered to be from birth until puberty but definitions may vary.

Late Adulthood

A life stage typically defined as beginning at the age of 65 and encompassing the final years of life, marked by both physical and cognitive changes.

Friendships

Close bonds between two individuals, marked by feelings of care, respect, and admiration.