When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price
b. When quantity supplied is greater than the equilibrium quantity
c. When the quantity that consumers are willing and able to purchase decreases
d. When the quantity available at zero price is insufficient to meet demand
e. When a price floor is set in the market
a
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How is the public debt calculated?
A. By summing the annual government purchases over time B. By summing the annual difference between tax revenues and government spending over the years C. By subtracting current government spending from current government tax revenues D. By subtracting the government's total liabilities from its total assets
An increase in nominal GDP could result from an increase in
i. production. ii. prices. iii. subsidies. A) i only B) ii only C) i and ii D) i and iii E) i, ii, and iii
In the long-run, a firm in monopolistic competition produces an amount of output that sets
A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC.
Which of the following is a low-income country?
a. Mexico b. Thailand c. Turkey d. Bangladesh