When There Is Excess Demand for a Product in a Market

question 227

Multiple Choice

When there is excess demand for a product in a market,

• A) price will tend to fall.
• B) price must be below the equilibrium price.
• C) price must be above the equilibrium price.
• D) producers will reduce output and sales will fall.

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Definitions:

Extraverts

Individuals who are outgoing, sociable, and derive energy from being around others.

Self-censorship

The act of withholding or altering one's expression or opinion to avoid offending others or diverging from a group norm.

Climate

The general environment or atmosphere within an organization, characterized by the collective attitudes, values, and behaviors of its members.

Grapevine Information

Informal communication that spreads quickly and is not officially sanctioned by organizational leadership.