If, for a Product, the Quantity Supplied Exceeds the Quantity

question 201

Multiple Choice

If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until

• A)the quantity demanded exceeds the quantity supplied. The market will then be in equilibrium.
• B)quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price.
• C)all consumers will be able to afford the product.
• D)quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.

Apply principles of contract interpretation and the importance of the contract's formality.

Identify the various defenses that can be used to avoid contract enforcement.

Understand the role of consent in contract formation and the impact of factors such as fraud, duress, and undue influence.

Understand the concept and implications of cultural relativism in ethical judgments.

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Definitions:

Behavioral Aggregation

The concept that predicts an individual's behavior over time and across different situations is more accurately understood when those behaviors are aggregated or collectively analyzed.

Effort Justification

A concept in social psychology that suggests individuals rationalize the effort or sacrifice they have made to achieve a goal or outcome, often valuing it more as a result.

Attitude Accessibility

The ease with which an attitude or opinion can be recalled from memory, affecting how quickly and consistently it influences behavior.

Cognitive Dissonance Theory

The theory suggesting that experiencing conflict between beliefs and behaviors leads to discomfort, which individuals strive to reduce by changing their beliefs or behaviors.