According to the Figure Below,at the Price of $5

question 102

Multiple Choice

According to the figure below,at the price of $5,

• A) the equilibrium quantity is 500.
• B) the quantity demanded is 500.
• C) the demand is 500.
• D) there is a surplus.
• E) there is a shortage.

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Definitions:

Insufficient Funds

A situation where an account does not have enough money to cover transactions, leading to declined payments or penalties.

Delivery

In contract law, the process of transferring the possession of a good or document from one party to another, completing the transaction.

Negotiation

(1) A bargaining process in which disputing parties interact informally to attempt to resolve their dispute. (2) The transfer of the rights to a negotiable instrument from one party to another.

Time Instrument

A type of draft that allows the payee to collect payment only at a specific time in the future.