In a Competitive Market,when Price Is Below the Equilibrium Level,the

question 126

Multiple Choice

In a competitive market,when price is below the equilibrium level,the price will be driven upward due to

• A) excess supply
• B) government intervention
• C) competition among suppliers
• D) excess demand
• E) technical inefficiency

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Definitions:

Unpredictable

Capable of changing or varying in a way that is not expected.

Time-Consuming

Refers to an activity or process that requires a considerable amount of time to complete.

Less Valuable

Describes items or assets that hold lower worth or importance in comparison to others.

Social Influence Bias

The effect that the opinions, behaviors, or actions of others have on an individual's decisions, often impacting trends and consumer choices.