When There Is an Excess Quantity Supplied of a Product

question 41

Multiple Choice

When there is an excess quantity supplied of a product at the current price, then:

• A)the market price must be below the equilibrium price.
• B)the quantity demanded is greater than the equilibrium quantity.
• C)the market price will tend to rise
• D)the market price will tend to fall.
• E)the quantity demanded will tend to fall.

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Definitions:

Stereotype Threat

The risk of confirming negative stereotypes about an individual's racial, ethnic, gender, or cultural group which can impair their performance.

Confirmation Bias

The tendency to search for evidence that fits one’s beliefs while ignoring any evidence that does not fit those beliefs.

Convergent

Pertaining to an approach or process that involves bringing different elements together toward a common point or agreement.

Heuristic

A problem-solving approach that employs a practical method or various shortcuts to produce solutions that may not be perfect but are sufficient for the immediate goals.