When the Price Is Below the Equilibrium Price, the Quantity

question 452

Multiple Choice

When the price is below the equilibrium price, the quantity demanded

• A) is less than the equilibrium quantity and the quantity supplied also is less than the equilibrium quantity.
• B) is less than the equilibrium quantity but the quantity supplied exceeds the equilibrium quantity.
• C) exceeds the equilibrium quantity and the quantity supplied also exceeds the equilibrium quantity.
• D) exceeds the equilibrium quantity but the quantity supplied is less than the equilibrium quantity.

---

Definitions:

Lichens

Symbiotic organisms consisting of a fungus and an alga or cyanobacterium, living together and often found on rocks or trees.

Adaptation

The process by which a species becomes fitted to its environment; it is the result of natural selection acting upon heritable variation.

Drought Tolerant

Refers to plants that are able to survive and thrive in conditions with very little water.

Low-growing Grasses

Grass species that have a short stature, typically found in lawns or as ground cover.