If There Is Surplus of a Good, Then the Quantity

question 462

Multiple Choice

If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________.

• A) is less than; rise
• B) is less than; fall
• C) is greater than; rise
• D) is greater than; fall

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Definitions:

Chapter 7

A provision of the bankruptcy code in the United States that provides for "liquidation," whereby a debtor's non-exempt assets are sold and the proceeds are used to pay creditors.

Automatic Stay

A self-operating postponement of collection proceedings against a debtor who has filed a petition for bankruptcy.

Collection Proceedings

The legal process initiated by creditors to recover money owed by a debtor.

Means Test

Three steps used to qualify someone for Chapter 7 bankruptcy.