-When Price Is $8
A)quantity Demanded Is Greater Than Quantity

question 57

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 $8

• A)quantity demanded is greater than quantity supplied and,therefore,price must fall to get to equilibrium price.
• B)quantity demanded is greater than quantity supplied and,therefore,price must rise to get to equilibrium price.
• C)quantity supplied is greater than quantity demanded and,therefore,price must fall to get to equilibrium price.
• D)quantity supplied is greater than quantity demanded and,therefore,price must rise to get to equilibrium price.

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Definitions:

Prepayment Penalty Clause

A provision in a contract that imposes a penalty on a borrower for paying off a loan before its maturity date.

Mortgage Loan

A mortgage is a loan that is secured by tangible real estate property, evidenced through a mortgage note that demonstrates both the loan's existence and the property's lien.

Penalty

A sum inserted into a contract not as a measure of compensation for its breach but rather as punishment for a default. The agreement as to the amount will not be enforced, and recovery will be limited to actual damages.

Lien

A legal right or claim against a property by a creditor to secure the payment of a debt or obligation.