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:

National Union

A term that can refer to a political entity promoting national unity and interests, or a labor union representing workers from a particular country.

Prussia and Austria

Two major powers in central Europe which played pivotal roles in regional politics, military conflicts, and the shaping of the continent's history from the 18th to the early 20th centuries.

German Unification

The process that led to the consolidation of separate German-speaking states into a single nation, Germany, in 1871 under the leadership of Otto von Bismarck.

Great Powers

A term for the most powerful and influential countries in the world, recognized for their military, economic, and diplomatic strengths.