Examlex
According to Abraham Maslow's hierarchical pattern of needs, which of the following is included in the final part of the hierarchy?
Shortage
The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.
Price Elasticity of Demand
The rate at which demand for a product responds to its price being altered.
Short Run
The period in economic theory during which at least one factor of production is considered fixed.
Long Run
A period in which all factors of production can be varied, and no inputs are fixed.
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