A Surplus Exists

question 61

Multiple Choice

A surplus exists

• A) in equilibrium.
• B) when quantity supplied is greater than quantity demanded.
• C) when quantity supplied is less that quantity demanded.
• D) at the market clearing price.

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Definitions:

Creole Families

Historically referred to people of mixed European and black descent or to families that were descendants of colonists in colonial America, especially in the Caribbean and Latin America.

British Empire

A global empire comprised of dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom between the 16th and 20th centuries.

Enlightenment Thinking

A philosophical movement of the 18th century, emphasizing reason, individualism, and skepticism towards traditional doctrines.

Stamp Act

A 1765 British law imposing a tax on all paper documents in the American colonies, leading to widespread protest and contributing to the American Revolutionary movement.