When There Is an Excess Quantity Supplied in the Market

question 52

Multiple Choice

When there is an excess quantity supplied in the market

• A) the price of the product will increase, causing a decrease in demand and an increase in supply.
• B) the price of the product will increase, causing a decrease in quantity demanded and an increase in supply.
• C) the price of the product will decrease, causing an increase in quantity demanded and a decrease in quantity supplied.
• D) the price will increase, causing a decrease in demand and an increase in quantity supplied.

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Definitions:

Gardner

Refers to Howard Gardner, an American developmental psychologist best known for his theory of multiple intelligences.

Innate

Possessed from birth; inborn or inherent qualities or abilities.

"G" Factor

The "G" factor, or general intelligence, refers to the concept of a single, overarching measure of intelligence that is thought to underlie specific cognitive abilities.

Cognitive Development

The process of growth and change in intellectual capabilities, understanding, reasoning, and problem-solving abilities throughout the life span.