Suppliers recognize there is a shortage in the market for their product when they notice that
a. the quantity supplied exceeds the quantity demanded
b. the quantity demanded is falling
c. inventories are falling
d. production exceeds new orders for the product
e. government economists announce a shortage exists
C
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The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage change in price?
A) 8.2 percent B) 15.5 percent C) 10.5 percent D) 5.0 percent E) 1.0 percent
Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor
Indicate whether the statement is true or false
What are the disadvantages of a standard form contract?
Which concept is best illustrated by the "prisoner's dilemma"?
a. product standardization b. interaction c. profit maximization d. marginal analysis e. average total cost