-When Price Is $2
A)there Is a Surplus

question 244

Multiple Choice

$\begin{array}{ccc}\text { Quantity Demanded } & \text { Price } & \text { Quantity Supplied } \\30 & \$ 10 & 64 \\40 & \$ 8 & 55 \\50 & \$ 6 & 50 \\60 & \$ 4 & 40 \\70 & \$ 2 & 20\end{array}$
-When price is $2

• A)there is a surplus.
• B)there is a shortage.
• C)quantity demanded is less than quantity supplied.
• D)price must fall to get to equilibrium.

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Definitions:

Legal Structures

Refers to the types of business entity formations available, such as sole proprietorships, partnerships, corporations, and limited liability companies, affecting legal liability and tax implications.

Business

An organization or enterprising entity engaged in commercial, industrial, or professional activities.

Mutual Agency

The legal principle in a partnership where each partner is empowered to make decisions and enter into contracts on behalf of the partnership.

Partnerships

A form of business structure where two or more individuals share ownership, profits, and liabilities, operating under a legal partnership agreement.