When a Shortage Occurs in the Market for a Good

question 19

Multiple Choice

When a shortage occurs in the market for a good, quantity

• A)demanded exceeds quantity supplied and the market mechanism pushes the price up, which in turn encourages more production and less consumption.
• B)supplied exceeds quantity demanded and the price falls, which encourages more production and less consumption.
• C)demanded exceeds quantity supplied and the market mechanism pushes the price down, which encourages more production and less consumption.
• D)supplied exceeds quantity demanded and the price rises, which encourages more production and less consumption.

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Definitions:

Romantic Love

Type of love consisting of intimacy and passion.

Intimacy And Passion

Components of love in Sternberg's Triangular Theory of Love, where intimacy involves feelings of closeness, and passion involves physical attraction and sexual arousal.

Norms

Established standards of behavior and beliefs in a group or society.

Behavior

The actions or reactions of an object or organism, usually in relation to the environment or stimuli.