-If Column 1 Represents the Demand Curve for a Product

question 22

Multiple Choice

-If column 1 represents the demand curve for a product and column 2 represents the supply curve,then at a price of $2.50,the market experiences _________________ equal to __________ units.

• A) excess demand;70
• B) excess demand;40
• C) excess supply;0
• D) excess supply;40
• E) excess supply;30

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Definitions:

Financial Electronic Data Interchange

A system that allows the transfer of financial information between organizations in a standardized electronic format.

Direct Deposit

An electronic payment method where funds are transferred directly into the recipient's bank account, bypassing the need for physical checks.

Automatic Withdrawal

A banking process where funds are automatically taken from a bank account to fulfill a financial commitment.

Book Balance

The amount of money shown in a company's financial records, excluding any pending transactions.