If Aggregate Quantity Demanded Is Greater Than Aggregate Quantity Supplied

question 12

Multiple Choice

If aggregate quantity demanded is greater than aggregate quantity supplied at a particular price level,then

• A) consumers will bid prices upward,and a greater quantity of output will be supplied.
• B) the shortage will likely be eliminated.
• C) a and b
• D) none of the above

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Definitions:

Societal Position

An individual's rank or role within the hierarchical structure of a society, often determined by factors like wealth, occupation, and ancestry.

Sense of Identity

The understanding or perception of oneself as a distinct, continuous entity with specific characteristics, values, and beliefs.

Role

The function or expected behavior associated with a particular status or position in society.

Concrete Operational Stage

A stage in Piaget's theory of cognitive development, occurring roughly between the ages of 7 and 11, when children gain a better understanding of mental operations and can think logically about concrete events.