In Which Case Would True Impossibility NOT Apply

question 32

Multiple Choice

In which case would true impossibility NOT apply?

• A)Nelson contracted with a local restaurant to supply 10,000 pounds of potatoes,but a tornado tore through his field,completely destroying it.
• B)A record company contracted with Darlene to produce a CD of traditional folk ballads;unfortunately,Darlene died before recording began.
• C)Reed agrees to purchase an expensive piece of jewelry for $25,000;a week later,he tells the jeweler that he simply does not have that kind of money.
• D)None of these are correct.

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Definitions:

Equilibrium Price

The price in the market where the amount of a product that consumers want to buy is the same as the amount available for sale, resulting in a balanced market situation.

Demand Schedules

Tabular representations showing the quantity of a good or service that consumers are willing and able to buy at various prices, over a specified period.

Surplus

In economics, the amount by which the quantity of a product exceeds the quantity demanded at a specific price.

Shortage

A market condition in which demand for a good or service exceeds the supply available at a specific price.