If Price Is Above the Equilibrium Level, Competition Among Sellers

question 69

Multiple Choice

If price is above the equilibrium level, competition among sellers to reduce the resulting

• A) surplus will increase quantity demanded and decrease quantity supplied.
• B) shortage will decrease quantity demanded and increase quantity supplied.
• C) surplus will decrease quantity demanded and increase quantity supplied.
• D) shortage will increase quantity demanded and decrease quantity supplied.

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Definitions:

Opportunity Identification

The process of recognizing and evaluating new business opportunities in the marketplace.

Effectuating Opportunities

Taking action to transform creative ideas into viable opportunities through experimentation, partnerships, and embracing uncertain outcomes.

Search Pathway

A pathway used when entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities.

Modifying Existing Ideas

The process of taking established concepts and making adjustments or adaptations to create new value or solutions.