When Quantity Demanded Is Greater Than Quantity Supplied

question 121

Multiple Choice

When quantity demanded is greater than quantity supplied,

• A)there is a surplus.
• B)price will fall until it gets back to equilibrium.
• C)quantity supplied will rise and quantity demanded will fall.
• D)quantity supplied will fall and quantity demanded will rise.
• E)All of the answers are true.

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Definitions:

Concepts

Mental representations of categories of objects, events, or ideas based on shared properties.

Categorization

The process of recognizing, differentiating, and understanding objects, concepts, or experiences by grouping them into categories based on shared characteristics.

Superordinate

A term used to describe a higher level or more general category under which lower level categories or entities are grouped.

Subordinate

A person or thing that is of lesser importance, rank, or order.