When There Is an Excess Quantity Supplied of a Product

question 170

Multiple Choice

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

• A)​the market price must be below 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.

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Definitions:

Theorists

Individuals who develop theories in a particular field to explain phenomena based on abstract principles and systematic reasoning.

Practitioners

Refers to individuals who actively engage in a particular profession or occupation, especially in fields such as medicine, law, or consulting, applying their expertise in practical settings.

Managers

Individuals responsible for directing and overseeing the activities and functions of a group or organization to achieve its objectives.

Quality Advocate

A person or role dedicated to promoting, ensuring, and improving the quality of products, services, or processes within an organization.