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:

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Drive

An internal urge that motivates behavior towards fulfilling a need or achieving a goal.

Motivation Theorist

An individual who studies and develops concepts explaining why people are driven to meet certain needs or pursue particular goals.

Biological Needs

Essential physiological requirements that maintain life, such as the need for oxygen, food, water, and sleep.