If at a Given Price, the Amount by Which Quantity

question 92

Multiple Choice

If at a given price, the amount by which quantity supplied exceeds quantity demanded, there is _____

• A) supply.
• B) demand.
• C) equilibrium.
• D) a surplus.
• E) a shortage.

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Definitions:

Rate Structure

The system or plan for pricing services, often used in reference to utilities like electricity, water, and telecommunications, outlining how rates vary based on usage levels or time of use.

Tax Base

The measure or value upon which a tax is levied.

Incidence

In economics, the allocation or distribution of a tax's economic burden between buyers and sellers.

Tax Rate Structure

The percentage of a tax base that must be paid in taxes—25 percent of income, for example.