Suppliers Recognize There Is a Shortage in the Market for Their

question 106

Multiple Choice

Suppliers recognize there is a shortage in the market for their product when they notice that

• A) the quantity supplied exceeds the quantity demanded.
• B) the quantity demanded is falling.
• C) inventories are falling.
• D) production exceeds new orders for the product.
• E) government economists announce a shortage exists.

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Definitions:

Natural Selection

A process in biology by which organisms with traits well-suited to their environment have higher survival rates and reproduction, shaping evolution.

Inherited Traits

Characteristics or qualities passed down genetically from parents to offspring.

Reproduction

The biological process by which new individual organisms are produced, allowing for the continuation of a species.

Inborn Ideas

Concepts or understanding believed to be present in an individual from birth, as opposed to acquired through experience.