If There Is a Shortage of Product X, and the Price

question 12

Multiple Choice

If there is a shortage of product X, and the price is free to change,

• A) fewer resources will be allocated to the production of this good.
• B) the price of the product will rise.
• C) the price of the product will decline.
• D) the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.

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Definitions:

Census Limits

The constraints or limitations inherent in conducting a census, such as time, cost, and accuracy of data collection.

Quota Sampling

A sampling method where participants are selected to ensure that certain characteristics are represented to a set proportion.

Simple Random Sampling

A sampling technique where each member of the population has an equal chance of being selected to be part of the sample.

Political Analysts

Professionals who study and interpret political systems, activities, and trends.