Suppose That a Market Is Characterized as Follows: Consumers Are

question 161

Multiple Choice

Suppose that a market is characterized as follows: consumers are willing and able to purchase 100 units and sellers are willing and able to sell 70 units. Which of the following statements are true?

• A) There is a shortage of 30 units.
• B) The market is in equilibrium.
• C) The price in the market will decrease.
• D) Quantity demanded will increase.

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Definitions:

Transverse Abdominis

A muscle layer of the anterior and lateral abdominal wall which is deep to (layered below) the internal oblique muscle.

Rectus Abdominis

A paired muscle running vertically on each side of the anterior wall of the human abdomen, involved in flexing the lumbar spine.

Pectoralis Group

A group of muscles located at the front of the chest, involved in movements of the shoulder and arm.

Clavicle

A long bone that serves as a strut between the shoulder blade and the sternum or breastbone, known colloquially as the collarbone.