When the Price of a Good in a Market Is

question 58

Multiple Choice

When the price of a good in a market is above equilibrium:

• A) the quantity supplied exceeds the quantity demanded.
• B) a surplus is observed.
• C) the price will fall in the near future.
• D) all of these factors apply.

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Definitions:

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs produced to inputs used within a certain period.

Increasing Rate

A situation where a numerical value or quantity grows over a period of time, which can refer to things like interest rates or inflation.

Gross Savings

Gross Savings refers to the total amount of savings retained by an economy after all expenses have been met but not including depreciation.

GDP

Gross Domestic Product, the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.