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A shortage occurs when the market price is lower than the equilibrium price.
Scientific Process
A systematic series of steps followed in order to derive valid results about a scientific inquiry or to solve a problem, including observation, hypothesis formation, experimentation, and conclusion.
Utilitarianism
A theory in ethics holding that the best moral action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.
Ethical System
A structured set of principles that guides moral behavior and decision-making, often based on societal, cultural, or personal beliefs.
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Q179: A shortage occurs when the market price