Assume There Is a Surplus in the Market for Hybrid

question 69

Multiple Choice

Assume there is a surplus in the market for hybrid automobiles.Which of the following statements correctly describes this situation?

• A)The supply of hybrid automobiles is greater than the demand for hybrid automobiles.
• B)Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price.
• C)The price of hybrid automobiles will fall in response to the surplus;as the price falls the quantity demanded will increase and the quantity supplied will decrease.
• D)the surplus will cause an increase in the equilibrium price of hybrid automobiles.

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Definitions:

Pre-European Contact

Referring to the period and cultures in the Americas or other regions before significant influence, exploration, or colonization by European powers.

Oceania

A geographic region comprising the islands of the tropical Pacific Ocean, including Melanesia, Micronesia, Polynesia, and Australasia.

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The physical structure of a human being, encompassing the skeletal, muscular, circulatory, and numerous other systems.

Asmat

A group of people living in the Papua region of Indonesia, known for their woodcarving and other artworks.