Shortage means the same thing as scarcity

Indicate whether the statement is true or false


FALSE

Economics

You might also like to view...

The rail system in Metropolis is a natural monopoly. If the government regulates the system by setting the fare equal to marginal cost, which of the following will be true?

a. Price and output will be higher than if the monopoly were unregulated. b. Price and output will be lower than if the monopoly were unregulated. c. Price will be lower and output higher than if the monopoly were unregulated. d. Price will be higher and output lower than if the monopoly were unregulated. e. Profit will be lower than if the monopoly were unregulated, but price and output could either increase or decrease.

Economics

The change in total costs when output changes is called

A) average variable costs. B) marginal product. C) average total cost. D) marginal cost.

Economics

For natural monopoly markets, government regulators frequently encourage competition among a number of firms.

Answer the following statement true (T) or false (F)

Economics

Which of the following would not be associated with a favorable supply shock?

a. the short-run Phillips curve shifts left b. unemployment falls c. the price level rises d. output rises.

Economics