When Does a Shortage Occur

question 33

Multiple Choice

When does a shortage occur?

• A) When the quantity supplied is less than the quantity demanded
• B) When the quantity demanded is less than the quantity supplied
• C) When goods have to be sold quickly or else they may rot or expire
• D) When producers see a need to decrease the price of the good

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Definitions:

Job Analyses

The process of examining and breaking down a job into its component tasks or duties for the purpose of identifying and defining the work activities, requirements, and outputs.

Job Analysis

The process of examining and documenting the duties, responsibilities, and qualifications required for a specific job.

Competencies

The knowledge, skills, and abilities that enable individuals to perform effectively in their job roles.

Job Performance Appraisals

The evaluation process of assessing an employee's work effectiveness and productivity.