A Surplus Will Occur When ________

question 72

Multiple Choice

A surplus will occur when ________.

• A)production quantities are falling
• B)price is below the equilibrium point
• C)price is above the equilibrium point
• D)the demand curve is shifting to the right

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Definitions:

On Approval

A conditional agreement for the sale of goods where the buyer is not obligated to complete the purchase unless they approve of the goods.

Risk of Loss

The responsibility for damage or loss of goods during a transaction or while in transit.

Inspected

Examination or review of a condition or situation, often for compliance or quality control.

Delivery

The act of transferring possession of a good or document from one party to another, fulfilling a contractual obligation.