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.
B
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The Sherman Act prohibited
A) collusive price agreements among rival sellers. B) setting price above marginal cost. C) marginal cost pricing. D) selling below average total cost.
If supply decreases along a given demand curve,
a. an excess quantity demanded will be created, increasing the equilibrium price and causing equilibrium quantity to fall b. an excess quantity supplied will be created, lowering the equilibrium price and causing equilibrium quantity to rise c. an excess quantity demanded will be created, raising the equilibrium price and quantity d. an excess quantity supplied will be created, lowering the equilibrium price and quantity e. price will fall, shifting the demand curve outward, raising the equilibrium quantity
In the national savings and investment identity framework, an inflow of savings from abroad is, by definition, equal to _______.
a. private sector investment b. the trade surplus c. the trade deficit d. domestic household savings
What is the difference between physical capital and human capital?
What will be an ideal response?