If a good is scarce
A) some criteria must be established to determine who gets what.
B) its price is above the market-clearing level.
C) its price is below the market-clearing level.
D) the quantity demanded is greater than the quantity supplied.
E) the supply is less than the demand.
A
You might also like to view...
What is the effect on aggregate demand and the AD curve from either an increase in government expenditure or a cut in taxes?
What will be an ideal response?
What would happen to the budget line if income as well as prices of both goods increase by the same percentage?
A. A rightward parallel shift in the budget line B. A leftward parallel shift in the budget line C. A rightward shift in the budget line D. No shift in the budget line
If the price of a textbook rises and then students purchase fewer textbooks, an economic model can show a cause-and-effect relationship only if which of the following conditions holds:
A. students' incomes fall. B. tuition decreases. C. the number of students increases. D. everything else is constant.
Demand and marginal revenue curves are down sloping for monopolistic ally competitive firms because:
A. Each firm has to take the market price as given B. Product differentiation allows each firm some degree of monopoly power C. There are a few large firms in the industry and they each act as a monopolist D. Mutual interdependence among all firms in the industry leads to collusion