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

question 38

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.

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Definitions:

Type B Personality

A personality type characterized by a relaxed, less competitive approach to life, as opposed to the more stressed and goal-driven Type A personality.

Hardy Personality

A set of personality traits that enable a person to withstand stress and adversity more effectively.

Type C Personality

A behavioral pattern characterized by a high level of detail-orientation, patience, and introversion.

Hardy Personality

Refers to individuals who possess traits of resilience, an ability to endure stress, and a proactive approach to challenges.