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BUS 121 Midterm Study Sheet With Correct Answers. Graded A
Exam (elaborations) • 13
pages
• 2021
BUS 121 Midterm Study Sheet With Correct Answers. Graded A

What occurs when the quantity demanded exceeds the quantity supplied?

A) demand deficit

B) surplus

C) equilibrium point

D) shortage

E) supply schedule

Explanation: D) When demand exceeds supply, there will not be enough goods available to meet the demand for them. This is known as a shortage.Page Ref: 12

Which of the following does NOT represent a degree of competition in a private enterprise system?

A) oligopoly

B) socialism

...
BUS 121 Midterm Study Sheet With Correct Answers. Graded A
Last document update:
ago
BUS 121 Midterm Study Sheet With Correct Answers. Graded A

What occurs when the quantity demanded exceeds the quantity supplied?

A) demand deficit

B) surplus

C) equilibrium point

D) shortage

E) supply schedule

Explanation: D) When demand exceeds supply, there will not be enough goods available to meet the demand for them. This is known as a shortage.Page Ref: 12

Which of the following does NOT represent a degree of competition in a private enterprise system?

A) oligopoly

B) socialism

...