A shortage of a good means
a. an excess supply of the good
b. an excess demand of the good
c. quantity demanded is less than the quantity supplied
d. the quantity supplied exceeds the quantity demanded
e. price is higher than its equilibrium level in the market
B
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The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. What is the efficient quantity of coffee to produce each day?
A) one hundred pounds B) two hundred pounds C) three hundred pounds D) four hundred pounds
The demand for bus service is perfectly elastic at a price of $1.00 a ride. The table above shows the bus company's marginal cost and the marginal social cost of the bus service. The competitive quantity of bus rides per week is ________
A) 100 B) 200 C) 300 D) 500
Each firm in a cartel has an incentive to chisel because market price exceeds
a. marginal cost. b. average cost. c. average variable cost. d. average fixed cost.
Using hypothetical numbers, calculate the real GDP for Country A and then calculate the real GDP per capita for this country.
What will be an ideal response?