Shortage
What will be an ideal response?
A situation in which quantity demanded is greater than quantity supplied.
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Which of the following statements applies to a monopolist but not to a perfectly competitive firm at their profit-maximizing outputs?
A) Average revenue equals average cost. B) Marginal revenue is less than price. C) Price equals marginal cost. D) Marginal revenue equals marginal cost.
Which of the following categories of business cycle theories includes the rational expectations theory?
a. physical b. monetary c. psychological d. spending and saving
What might happen to alligators in the south if the U.S. Fish and Wildlife Service were to reduce or eliminate the tags required to hunt alligators?
A. Over consumption, which could lead to less profit. B. Under consumption, which could lead to less profit. C. Under consumption, as hunters switch to a new animal to hunt. D. Over consumption, which could lead to extinction.
If the average variable cost of the fifth hat is $50, then the total variable cost of five hats is
A. $10. B. $250. C. $1,800. D. indeterminate from this information.