When There Is a Shortage I

question 168

Multiple Choice

When there is a shortage I. there is a tendency for price to increase.
II. there is an excess quantity demanded.

• A)I only
• B)II only
• C)Both I and II
• D)Neither I nor II

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Definitions:

Skills-based Immigration

An immigration policy that favors applicants with skills, qualifications, and experience that are in demand in the receiving country.

Marginal Benefit (MB)

The extra advantage gained by using an additional unit of a product or service.

Marginal Cost (MC)

The financial cost of creating an additional unit of a product or service.

Prison Rates

The number of individuals incarcerated within a prison system per 100,000 population in a specific geographic area.