If a shortage exists in a market, then we know that the actual price is
a. above the equilibrium price, and quantity supplied is greater than quantity demanded.
b. above the equilibrium price, and quantity demanded is greater than quantity supplied.
c. below the equilibrium price, and quantity demanded is greater than quantity supplied.
d. below the equilibrium price, and quantity supplied is greater than quantity demanded.
c
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The relationship between sales and revenue is
A) a direct relationship. B) independent. C) a negative relationship. D) an inverse relationship.
If a nation is more productive than a trading partner, can it still gain from trade with that partner? Use the concepts of absolute and comparative advantage to explain
What will be an ideal response?
Which of the following items is most likely to be an implicit cost of production?
a. the "competitive rate" salary the owner of the business pays herself for services provided b. property taxes on a building owned by the firm c. rental payments for a building utilized by the company and rented from another party d. the interest income foregone on the equity capital invested by owners
Why might the consumer price index overestimate the cost of health care?
a. The quality of healthcare is declining. b. The quality of healthcare is improving. c. The quality of healthcare is constant. d. The quality of health care is unmeasurable.