Assume There Is a Shortage in the Market for Smart

question 148

Multiple Choice

Assume there is a shortage in the market for smart phones.Which of the following statements correctly describes this situation?

• A)The demand for smart phones is less than the supply of smart phones.
• B)Some consumers will be unable to obtain smart phones at the market price and will have an incentive to offer to buy the product at a higher price.
• C)The price of smart phones will rise in response to the shortage; as the price rises the quantity demanded will increase and the quantity supplied will decrease.
• D)The shortage will cause an decrease in the equilibrium price of smart phones.

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Definitions:

Closed

Refers to a state or system that is not open for external inputs, often implying a complete or sealed condition.

Rung No. 3

A specific level or step within a ladder logic program, often used in the context of PLC (Programmable Logic Controller) programming.