A Shortage Exists in a Market If

question 33

Multiple Choice

A shortage exists in a market if

• A)there is an excess supply of the good.
• B)quantity supplied exceeds quantity demanded.
• C)the current price is below its equilibrium price.
• D)All of the above are correct.

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Definitions:

Continuity

The state or quality of being continuous; an uninterrupted duration or extension in time, space, or sequence.

Pattern

A recognizable arrangement or sequence in data, objects, or actions, often repeating in a predictable manner.

Closure

The psychological process of seeking a sense of completeness or resolution to a matter that leaves one with uncertainty, often related to relationships, tasks, or understanding.

Figures

Numerical data presented in graphical or tabular form.