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.

---

Definitions:

Variables

Elements, features, or factors that are liable to vary or change within a study, experiment, or any form of research.

Sample

A subset of individuals or items selected from a larger population, used in research to draw conclusions about the entire population.

Independent Variable

The variable that is manipulated or changed in an experiment to investigate its effect on the dependent variable.

Experimental Group

In a scientific study, the group of subjects who receive the treatment or condition being tested, as opposed to the control group.