Figure 4-8 -Refer to Figure 4-8.If There Is Currently a Shortage of Currently

question 82

Multiple Choice

Figure 4-8

-Refer to Figure 4-8.If there is currently a shortage of 30 units of the good,then

• A)the law of demand predicts that the price will rise by $5 to eliminate the shortage.
• B)the law of supply predicts that the price will rise by $5 to eliminate the shortage.
• C)the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage.
• D)the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating the shortage.

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Definitions:

Deprived Economically

The condition of lacking economic resources or access to financial opportunities that are necessary for a basic standard of living.

Father Leaves

A situation where a father physically and/or emotionally exits the family unit, leaving a gap in parental care and involvement.

Latchkey Children

Children who return from school to an empty home because their parents or guardians are at work, or who are left with minimal supervision.

1960s

The decade ranging from 1960 to 1969, notable for significant cultural, political, and social change worldwide.