The Table Given Below Reports the Quantity of Bread Loaves

question 48

Multiple Choice

The table given below reports the quantity of bread loaves demanded and supplied at different per unit prices.Table 3.3

-Refer to Table 3.3. Which of the following would occur in the market for bread if the market price exceeded the equilibrium price by $1?

• A)The quantity of bread demanded in the market would increase.
• B)The bread market would face a surplus of 36 loaves of bread.
• C)The supply of bread in the market would increase.
• D)The bread market would face a shortage of 72 loaves of bread.
• E)The demand for bread in the market would decrease.

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Definitions:

Compliance

The act of conforming to a request, rule, or standard.

Group Polarization Effect

The tendency for a group's prevailing opinions to become more extreme following group discussion.

Risky Shift

The phenomenon where groups collectively decide on riskier actions or decisions than individuals would make on their own.

Believe More Strongly

The increased conviction or acceptance in the truth or existence of something.