________: the amount by which the quantity demanded exceeds the quantity supplied at a particular market price
Fill in the blank(s) with correct word
Commodity shortage
You might also like to view...
Federal deposit insurance in the United States began in
A) 1864. B) 1933. C) 1968. D) 1984.
A consumer buys only food and clothing. If the quantity of food bought increases while that of clothing remains the same, the marginal utility of food will:
a. fall, but not as fast as the marginal utility of clothing falls. b. rise, but not as fast as the marginal utility of clothing rises. c. rise relative to the marginal utility of clothing. d. fall relative to the marginal utility of clothing.
The benefits-received principle of taxation is used to support corporate and personal income taxes.
Answer the following statement true (T) or false (F)
Allocative efficiency occurs only at that output where:
A. marginal benefit exceeds marginal cost by the greatest amount. B. consumer surplus exceeds producer surplus by the greatest amount. C. the combined amounts of consumer surplus and producer surplus are maximized. D. the areas of consumer and producer surplus are equal.