In a market with an upward sloping supply curve and a downward sloping demand curve, when there is an excess supply, the actual price must be higher than the equilibrium price. the actual price must be lower than the equilibrium price. the quantity demanded is higher than the equilibrium quantity.

The correct answer is: the actual price is higher than equilibrium price.

Explanation:

With a downward sloping demand curve and upward-sloping supply curve, excess supply means that the supply is more than quantity demanded. The actual price is higher than the equilibrium price level.  

We are aware that price and supply are directly related, so the firms will supply more at a higher price. But price and quantity demanded are inversely related, so at higher price, the consumers will demand less quantity of the product.  

Thus excess supply is created in the market at a price higher than the equilibrium price.

Provide individuals with freedom of choice is the correct answer.

Explanation:

Roger Butters is a professor of Economics, and also a theorist, among other things. On the other hand, Adam Smith was a Scottish economist and philosopher; his most famous works are The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations; he is known as the Father of Capitalism.

Number 3 is the correct answer since, according to the excerpt, we can see that people can take risks, but also can be secure "in themselves and their possessions". Smith states something similar, since he was skeptical of the role of government in economics, he suggests that capitalism enables government to create facilities and conveniences to help individual decide what they want.