If the Quantity Demanded of Milk Is 55,000 and the Quantity

question 113

Multiple Choice

If the quantity demanded of milk is 55,000 and the quantity supplied of milk is 80,000, then:

• A) there is an excess supply of 25,000 units of milk.
• B) the price of milk will tend to rise to clear the market.
• C) consumers get the milk they want so market equilibrium exists.
• D) there is an excess demand of 25,000 units of milk.
• E) this is the intersection of market supply and demand curves.

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Definitions:

Instincts

Innate, typically fixed patterns of behavior in animals in response to certain stimuli.

Extinction

The process in which a previously learned behavior diminishes or disappears as a result of the discontinuation of reinforcement or the removal of a stimulus.

Reflex

An automatic, involuntary response to a specific stimulus, typically serving as a protective mechanism.

Unethical

Actions or behaviors that violate moral, professional, or societal standards, often causing harm or disadvantage to others.