A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price.
b. price is less than equilibrium price.
c. quantity demanded is less than quantity supplied.
d. goods are scarce.
e. some of the people who need the product are not willing and able to buy it at the equilibrium price.
a. quantity demanded exceeds quantity supplied at the equilibrium price.
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When housing prices ________ as they did beginning in 2006 following the housing market bubble, most banks and other lenders tightened the requirement for borrowers, making it ________ for potential home buyers to obtain mortgages
A) fell; easier B) rose; easier C) rose; harder D) fell; harder
If income were distributed equally our economic _________ would suffer.
Fill in the blank(s) with the appropriate word(s).
Shares of stock are:
A. claims to partial ownership of a firm. B. regular payments made to owners of a firm. C. legal promises to make regular payments to the stockholder. D. legal promises to repay a debt.
Economists use the term "demand" to refer to:
A. a particular price-quantity combination on a stable demand curve. B. the total amount spent on a particular commodity over a fixed time period. C. an upsloping line on a graph that relates consumer purchases and product price. D. a schedule of various combinations of market prices and amounts/quantities demanded.