Examlex
In a short essay, discuss the three planning contingency factors that influence the choice of plans and illustrate how these factors influence planning.
Shortage
A situation in which demand for a good or service exceeds the supply available at a specific price. This can lead to long lines, increased prices, or both.
Demand Schedule
A table that lists the quantity of a good a consumer will purchase at various prices in a market.
Supply Schedule
A table that shows the relationship between the price of a good and the quantity supplied.
Competitive Market
A market structure characterized by many sellers and buyers, free entry and exit, and products that are similar but differentiated.
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