There Is Neither Excess Supply nor Excess Demand When

question 19

Multiple Choice

There is neither excess supply nor excess demand when

• A) actual price equals equilibrium price.
• B) the quantity supplied plus the quantity demanded equals total output.
• C) price equals quantity.
• D) surpluses equal shortages.
• E) the number of buyers equals the number of sellers.

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Definitions:

GDP

Short for Gross Domestic Product, it measures the total economic output of a country, representing the sum of all goods and services produced over a specific time period.

Net Exports

The difference between a country's total value of exports and total value of imports.

Globalization

Globalization describes the process by which businesses or other organizations develop international influence or start operating on an international scale.

Exploited

Exploited describes a situation where individuals or groups are taken advantage of unfairly for others' benefit, often under conditions that undermine their rights or dignity.