A shortage means that:
a. Quantity demanded is greater than the quantity supplied at that price
b. Quantity demanded is less than the quantity supplied at that price
c. Supply of the product is less than the demand
d. Demand for a product is less than the supply
a. Quantity demanded is greater than the quantity supplied at that price
You might also like to view...
Marginal utility theory shows us that water, which is very common, has a ________ marginal utility and a ________ total utility
A) small; large B) large; small C) large; large D) small; small
Refer to Table 20-15. Looking at the table above, real average hourly earnings were equal to ________ in 2015
A) $9 B) $9.52 C) $10 D) $12
In which of the following areas were substantial New Deal reforms NOT made?
a. The commercial banking system. b. The Federal Reserve System. c. Securities markets. d. Corporate accounting standards.
Which of the following would be an example of an implicit cost? (i) forgone investment opportunities (ii) wages of workers (iii) raw materials costs
a. (i) only b. (ii) only c. (ii) and (iii) only d. (i) and (iii) only