A Shortage Occurs Whenever

question 124

Multiple Choice

A shortage occurs whenever

• A) the quantity supplied is greater than the quantity demanded.
• B) the price is above the equilibrium quantity.
• C) the quantity supplied is less than the quantity demanded.
• D) the government places a binding price floor.
• E) the government places a nonbinding price ceiling.

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Definitions:

Presbyopia

A common eye disorder that results in the loss of lens elasticity. Presbyopia develops with age and causes a person to have difficulty seeing objects close up.

Iritis

An inflammation of the iris, the colored part of the eye, which can cause pain, redness, and potentially, loss of vision if not treated.

Astigmatism

A condition in which the cornea has an abnormal shape, which causes blurred images during near or distant vision.

Strabismus

A condition that results in a lack of parallel visual axes of the eyes; commonly called crossed eyes.