Assume That There Is a Surplus in the Market for Hybrid

question 183

Multiple Choice

Assume that there is a surplus in the market for hybrid automobiles.Which of the following statements correctly describes this situation?

• A)The supply of hybrid automobiles is greater than the demand for hybrid automobiles.
• B)Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price.
• C)The price of hybrid automobiles will fall in response to the surplus; as the price falls the quantity demanded will increase and the quantity supplied will decrease.
• D)The surplus will cause an increase in the equilibrium price of hybrid automobiles.

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Definitions:

Congress

is the legislative branch of the United States government, composed of two houses: the Senate and the House of Representatives, responsible for making federal laws.

Corrupt

Engaged in dishonest or fraudulent conduct by those in power, typically involving bribery or the abuse of entrusted power for personal gain.

Constituents

Residents within a political district or constituency who have the power to elect representatives to legislative or other government offices.

Seniority

The concept of prioritizing individuals for privileges, responsibilities, or positions based on the length of service or tenure in a job or organization.