text: Surplus (of a good) is a situation in which: A) the quantity supplied is undetermined. B) the quantity supplied is equal to the quantity demanded. C) the quantity supplied is less than the quantity demanded. D) the quantity supplied is greater than the quantity demanded.
  When the price of a good in a market is above equilibrium: A) the quantity supplied exceeds the quantity demanded. B) a surplus is observed. C) the price will fall in the near future. D) all of these factors apply.
  A market: A) is defined as a local market such as a farmers market . B) is any arrangement in which buyers and sellers determine the prices of goods and services exchanged. C) is a hypothetical arrangement in which buyers and sellers determine the prices of goods and services exchanged. D) can only be for goods but not for services.
  If the price is lower that the equilibrium price, which of the following will occur? A) The price will remain low. B) The price will reduce even more. C) The price will raise to the equilibrium price. D) Demand will shift.