In the Short Run, It Is Necessary to Nonprice Ration

question 33

Multiple Choice

In the short run, it is necessary to nonprice ration a good whenever ________ exists.

• A) excess demand
• B) excess supply
• C) a surplus
• D) market equilibrium

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Definitions:

Equity

The value of an ownership interest in property, including shareholders' equity in a corporation, representing assets minus liabilities.

Net Income

The total profit of a company after all expenses, including taxes, have been deducted from revenue.

Accounting Equation

The fundamental principle of accounting that states assets equal liabilities plus equity, serving as the foundation for double-entry bookkeeping.

Business Transaction

Any event or exchange involving a transfer of value between two or more parties in a business context.