In the Short Run, It Is Necessary to ________ a Good

question 60

Multiple Choice

In the short run, it is necessary to ________ a good whenever excess demand exists.

• A) nonprice ration
• B) price allocate
• C) discontinue distribution of
• D) increase production of

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Definitions:

FMV

Fair Market Value; the price an asset would sell for on the open market between a willing buyer and a willing seller.

Basis

The amount of investment in an asset for tax purposes, used to calculate gain or loss on the asset's sale.

Debt

Debt signifies an amount of money borrowed by one party from another, often with the agreement that it will be repaid, usually with interest, at a future date.

Schedule L

A form used by businesses filing their federal tax return to provide a balance sheet if they have more than $250,000 in receipts or assets.