At the Point Where the Demand and Supply Curves for a Product

question 277

Multiple Choice

At the point where the demand and supply curves for a product intersect,

• A) the selling price and the buying price need not be equal.
• B) the market may, or may not, be in equilibrium.
• C) either a shortage or a surplus of the product might exist, depending on the degree of competition.
• D) the quantity that consumers want to purchase and the amount producers choose to sell are the same.

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Definitions:

Multiple Births

The delivery of more than one baby from the same pregnancy, such as twins or triplets.

Canalized Traits

Genetic characteristics that are not easily changed by environmental factors due to their strong genetic control.

Genetic Relationship

The connection between organisms based on the similarity of their DNA sequences.

Nonshared Environmental

Influences that result in differences among siblings, including experiences outside the family that are not shared by other siblings.