Georgia Assessments for the Certification of Educators GACE Practice Test

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A market in which product availability exceeds demand is called:

Black market
Buyer's market
Free market
Seller's market

The correct answer is: Black market

A market in which product availability exceeds demand is called a black market. This means that there is an oversupply of products, which can drive prices down and lead to illegal or dishonest measures being taken to sell the excess products. Option B, a buyer's market, is when there is more demand for products than supply, allowing buyers to have more power to negotiate favorable prices. Option C, a free market, refers to a market economy where prices are determined by supply and demand without government intervention. Option D, a seller's market, is when there is more demand for products than supply, giving sellers the power to raise prices and potentially monopolize the market.