A Surplus Will Occur in a Market If

question 24

Multiple Choice

A surplus will occur in a market if:

• A) the quantity supplied at a given price exceeds the quantity demanded at that price.
• B) the quantity demanded at a given price is less than the quantity supplied at that price.
• C) there are not enough sellers at the prevailing price.
• D) there are too many buyers at the prevailing price.

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Definitions:

FUTA Payable

A federal tax liability owed by employers to fund the unemployment benefits system.

FICA-OASDI

Represents the Federal Insurance Contributions Act's Old-Age, Survivors, and Disability Insurance, a U.S. payroll tax that funds Social Security.

FICA-Medicare

The portion of the Federal Insurance Contributions Act tax that is allocated to Medicare, funding hospital insurance benefits for individuals who are elderly or disabled.

Payroll Register

A document that records detailed information about the compensation paid to employees, including wages, deductions, and net pay.