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41.If the quantity supplied in a market exceeds the quantity

Question : 41.If the quantity supplied in a market exceeds the quantity : 1406676

 

41.If the quantity supplied in a market exceeds the quantity demanded, a shortage will exist. 

42.If a shortage exists in a market for a good, the price of that good will tend to fall. 

43.The point of intersection between the supply and demand curves is called the stress point. 

44.In the long run, the market price tends to adjust toward the equilibrium point. 

45.Countries that rely on a free-market system are plagued by persistent shortages or surpluses of goods and services. 

46.One of the drawbacks of free markets is the fact that competition in such markets undermines the ability of price to adjust to its equilibrium value in the long run. 

47.In perfect competition, each firm produces a product that is clearly differentiated from the products of other firms in the same market. 

48.A monopoly occurs when there is a single seller for a product or service. 

49.Economists refer to a market in which a few sellers dominate the supply side as monopolistic competition. 

50.Product differentiation is a key to success in monopolistic competition. 

 

 

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