In a Purely Competitive Market, How Would a Surplus of a Product

question 15

Multiple Choice

In a purely competitive market, how would a surplus of a product be eliminated?

• A) The price of the product would decrease.
• B) The price of the product would increase.
• C) The quantity supplied of the product would increase.
• D) The quantity demanded for the product would decrease.

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Definitions:

Trade Barriers

Restrictions imposed by a government on international trade, which can include tariffs, quotas, and regulations, intended to protect domestic industries.

Environmental Activists

Individuals or groups who actively advocate for the protection of the environment and the mitigation of climate change through various forms of activism.

White Collar Jobs

Positions that typically involve clerical, administrative, or managerial work, usually in an office setting.

Unskilled Jobs

Positions that require minimal to no specific training or education, usually involving simple routine tasks.