A Shortage Will Exist If

question 8

Multiple Choice

A shortage will exist if

• A)the price is above the equilibrium price.
• B)the price is below the equilibrium price.
• C)there are not enough producers.
• D)there are not enough consumers.
• E)demand decreases.

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Definitions:

Probabilistic Sampling

A sampling method where each member of the population has a known, non-zero chance of being selected in the sample.

Subjective

Subjective refers to concepts, opinions, or perspectives based on personal feelings, tastes, or opinions, rather than external facts.

Random Procedure

A method or process characterized by random or unpredictable elements, used in situations requiring nondeterministic outcomes.

Standard Deviation

A measure indicating the dispersion or variability of a set of data points from their mean, used in statistics to quantify the amount of variation.