If a Surplus Exists in a Market, Then We Know

question 229

Multiple Choice

If a surplus exists in a market, then we know that the actual price is

• A)above the equilibrium price, and quantity supplied is greater than quantity demanded.
• B)above the equilibrium price, and quantity demanded is greater than quantity supplied.
• C)below the equilibrium price, and quantity demanded is greater than quantity supplied.
• D)below the equilibrium price, and quantity supplied is greater than quantity demanded.

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Definitions:

Represent

To symbolize or stand for something, often used in programming and modeling to indicate how entities or concepts are modeled in code.

Importing Package

The process of making classes and interfaces from one package available to another by using the import statement in languages like Java.

Efficiency

The ratio of the useful work performed by a machine or in a process to the total energy expended or heat taken in.

Echoing User Input

The act of receiving input from the user and then displaying it back to the user, often used for verification or confirmation.