BUS 121
Ecpi University, Northern Virginia
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BUS 121 Midterm Study Sheet With Correct Answers. Graded A
- Exam (elaborations) • 13 pages • 2021
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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 
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