If There Is a Shortage at a Given Price,then

question 58

Multiple Choice

If there is a shortage at a given price,then

• A)That price is the equilibrium price.
• B)That price is greater than the equilibrium price.
• C)That price is less than the equilibrium price.
• D)There is no equilibrium price in the market.

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Definitions:

Peter Principle

The concept that employees within an organization tend to rise to their level of incompetence, promoting based on past performance rather than suitability for the new role.

Promoted Regularly

Refers to a consistent and systematic approach to moving employees to higher positions or ranks within an organization.

Natural Selection

A process in biology by which organisms with traits better suited to their environment are more likely to survive and reproduce.

Outplacement

A support service provided by some organizations to help former employees transition to new jobs, often following layoffs.