What Happens When There Is a Surplus in a Market

question 304

Multiple Choice

What happens when there is a surplus in a market?

• A) There is upward pressure on price.
• B) There is downward pressure on price.
• C) The market is operating below the equilibrium level.
• D) There are too many buyers chasing too few goods.

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Definitions:

Standard Deviations

A measure of the amount of variation or dispersion of a set of values, indicating how much individual data points differ from the mean.

Normal Curve

A bell-shaped curve showing the usual frequency distribution of values of measured human traits and other natural phenomena.

Test-retest Reliability

A measure of consistency in the results of a test administered to the same individuals at two different points in time.

Normal Curve

A symmetrical, bell-shaped curve that describes the distribution of many types of data where most of the data points are close to the mean.