A Surplus Exists in a Market If

question 300

Multiple Choice

A surplus exists in a market if

• A) there is an excess demand for the good.
• B) the situation is such that the law of supply and demand would predict an increase in the price of the good from its current level.
• C) the current price is above its equilibrium price.
• D) quantity demanded exceeds quantity supplied.

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Definitions:

Identity Diffusion

Identity status, described by Marcia, that is characterized by absence of commitment and lack of serious consideration of alternatives.

Adolescents

Individuals in the transitional stage of development between childhood and adulthood, typically between the ages of 13 and 19.

Foreclosure

in the context of identity development, is the premature commitment to an identity without adequate exploration of other options.

Diffusion Identity Statuses

A situation in psychological development where an individual has not yet explored or committed to a sense of identity.