The Graph Shown Depicts the Market for a Good

question 158

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:

Rackspace U.S. Inc.

An American managed cloud computing company that offers a broad set of cloud services across multiple platforms.

Consideration Set

A group of brands or products a consumer evaluates as potential options to satisfy a need or purchase decision.

Product Class

Refers to the entire product category or industry.

Brands

Symbols, names, or designs that identify and differentiate products or services from those of competitors.