If a Surplus Exists in a Market, What Do We

question 142

Multiple Choice

If a surplus exists in a market, what do we know?

• A) The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded.
• B) The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied.
• C) The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied.
• D) The actual price is below equilibrium price, and quantity supplied is greater than quantity demanded.

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Definitions:

Extinct Species

Species that no longer exist anywhere on Earth, often due to natural causes or human activities.

Ice Age

A period of long-term reduction in the temperature of Earth's surface and atmosphere, leading to the presence or expansion of continental and polar ice sheets and alpine glaciers.

Fluctuations

Variations or changes in level, strength, or value that occur over time.

Specimen

A specimen refers to a sample or example of something, often used for scientific analysis, study, or display, such as a biological sample.