If the Quantity Demanded of a Good Is Greater Than

question 6

Multiple Choice

If the quantity demanded of a good is greater than the quantity supplied of the good at the current price,then

• A)Price will increase until it reaches the equilibrium price.
• B)The demand curve will shift to the left to create equilibrium.
• C)The supply curve will shift to the right to create equilibrium.
• D)There is a surplus of the gooD.If a shortage exists,buyers will compete for goods by offering to pay higher prices.

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Definitions:

Repetitive Focus

A manufacturing strategy that involves producing the same product or service repeatedly in order to achieve efficiency and consistency.

Profit (Or Loss)

The financial gain or loss realized by a business, calculated as the difference between revenue and expenses.

Highly Automated

Systems or processes that operate with a high level of automation, involving minimal human intervention and utilizing advanced technologies such as robotics and artificial intelligence.

Hand Labor

Work that is done manually by human workers, as opposed to being performed by machines or automated processes.