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A Price Level Lower Than Equilibrium Will Cause Quantity Supplied

question 65

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A price level lower than equilibrium will cause quantity supplied to exceed quantity demanded.


Definitions:

Genetic Makeup

The unique combination of genes inherited from one's parents, influencing physical and sometimes behavioral traits.

Heredity

The passing on of physical or mental characteristics genetically from one generation to another.

Canalization

The tendency for a trait that is biologically programmed to be restricted to only a few outcomes.

Range of Reaction

A theory suggesting that genetic potential sets certain limits on the expression of traits, but the environment determines where within those limits an individual will fall.

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