When There Is a Shortage in the Market, Competition Will

question 90

Multiple Choice

When there is a shortage in the market, competition will:

• A) drive the price down to the equilibrium price.
• B) drive the price up to the equilibrium price.
• C) cause the demand curve to shift right.
• D) cause the supply curve to increase.

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Definitions:

Civil Liberties

Fundamental individual rights protected by law against unwarranted governmental or other interference, including freedom of speech, right to privacy, and the right to a fair trial.

Progressive Era

A period of widespread social activism and political reform in the United States, from the 1890s to the 1920s, targeting issues like corruption, inequalities, and economic reforms.

New Deal Reforms

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s aimed at restoring prosperity and helping Americans during the Great Depression.

Roosevelt's Key Administrators

The primary officials selected by President Franklin D. Roosevelt to oversee various departments and agencies during his tenure.