In the Short Run, Whenever Excess Demand Exists, It Is

question 41

Multiple Choice

In the short run, whenever excess demand exists, it is necessary to

• A) ration the good.
• B) put the good on sale.
• C) increase the supply of the good.
• D) impose a price ceiling on the good.

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Definitions:

Mass Production

The manufacturing of large quantities of standardized products often using assembly lines or automated technology, which can lead to economies of scale.

Product Orientation

A business approach that focuses on improving and selling a product without prioritizing customer needs or market demands.

Consumer Orientation

A business approach that prioritizes identifying and satisfying the preferences, needs, and expectations of consumers.