-A Surplus of Product Will Arise When Price Is

question 24

Multiple Choice

-A surplus of product will arise when price is:

• A)above equilibrium with the result that quantity demanded exceeds quantity supplied
• B)above equilibrium with the result that quantity supplied exceeds quantity demanded
• C)below equilibrium with the result that quantity demanded exceeds quantity supplied
• D)below equilibrium with the result that quantity supplied exceeds quantity demanded
• E)at equilibrium, with the result that quantity demanded equals quantity supplied

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Definitions:

Business Processes

Structured activities or tasks that produce a specific service or product for a particular group of customers.

SCM

Supply Chain Management; it involves the management of the flow of goods and services.

ERP

Enterprise Resource Planning is software utilized by companies for the daily management of business operations including accounting, procurement, project management, and manufacturing.

TPS

Transaction Processing System, a type of information system that collects, stores, modifies and retrieves the data transactions of an enterprise.