In Competitive Markets, a Surplus or Shortage Will

question 217

Multiple Choice

In competitive markets, a surplus or shortage will

• A) never exist because the markets are always at equilibrium.
• B) cause changes in the quantities demanded and supplied that tend to eliminate the surplus or shortage.
• C) cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage.
• D) cause changes in the quantities demanded and supplied that tend to intensify the surplus or shortage.

Recognize the distinct aspects and legal requirements of limited liability partnerships (LLPs).

Understand the formation and operational mechanisms of a limited liability company (LLC).

Understand and apply basic principles of ratio and proportion.

Simplify complex ratios to their lowest terms.

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Definitions:

Retroactive Promotions

The act of granting a promotion or benefits to an employee effective from a date in the past.

Equal Pay Act

A law aimed at abolishing wage disparity based on sex by ensuring equal pay for equal work among men and women.

Seniority System

A system in which those who have worked longest for an employer are first in line for promotions, salary increases, and other benefits, and are last to be laid off if the workforce must be reduced.

Compensatory Damages

Compensatory Damages are monetary awards given to individuals to compensate for actual loss, damage, or injury, aimed at restoring the injured party to their original position.