If Price Is Above the Equilibrium Level, Competition Among Sellers

question 69

Multiple Choice

If price is above the equilibrium level, competition among sellers to reduce the resulting

• A) surplus will increase quantity demanded and decrease quantity supplied.
• B) shortage will decrease quantity demanded and increase quantity supplied.
• C) surplus will decrease quantity demanded and increase quantity supplied.
• D) shortage will increase quantity demanded and decrease quantity supplied.

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Definitions:

Demographic Segmentation

Dividing markets on the basis of various demographic or socioeconomic characteristics such as gender, age, income, occupation, household size, stage in family life cycle, education, or ethnic group.

Ethnic Group

A community or population made up of people who share a common cultural background or descent.

Household Size

The total number of individuals living in a single housing unit, often used in context of demographic data or eligibility for certain programs.

Market Segmentation

The process of dividing a target market into smaller, more defined categories to tailor marketing efforts effectively.