If Quantity Supplied Is Less Than Quantity Demanded, Then

question 104

Multiple Choice

If quantity supplied is less than quantity demanded, then

• A)there is a shortage in the market.
• B)prices will fall.
• C)equilibrium has been achieved.
• D)consumer incomes will increase.
• E)there is a surplus in the market.

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Definitions:

False Uniqueness Effect

The tendency to underestimate the number of other people who share one’s most prized characteristics and abilities.

Theory Perseverance

The phenomenon where individuals maintain their beliefs even in the face of contradictory evidence, often due to the initial formation of a strong impression or belief.

Social Conformity

The act of adjusting one's behaviors, attitudes, or beliefs to align with group norms, often to fit into a society or group.

False Uniqueness

The erroneous belief that one's abilities, thoughts, or characteristics are more unique or exceptional than they actually are, often underestimating commonality with others.