A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price
b. price is less than equilibrium price
c. quantity demanded is less than quantity supplied
d. goods are scarce
e. some of the people who need the product are not willing and able to buy it at the equilibrium price
B
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The reduction in the market output resulting from the imposition of a price floor depends on both the price elasticity of demand and the price elasticity of supply.
Answer the following statement true (T) or false (F)
The number of countries belonging to the World Trade Organization (WTO), as of 2013, is about:
A. 159. B. 125. C. 80. D. 202.
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Exhibit 30-1
?
The term real GDP refers to a country's actual GDP as opposed to its estimated GDP
a. True b. False Indicate whether the statement is true or false