At the Current Price, There Is a Shortage of a Product

question 340

Multiple Choice

At the current price, there is a shortage of a product. We would expect price to

• A) increase, quantity demanded to increase, and quantity supplied to decrease.
• B) increase, quantity demanded to decrease, and quantity supplied to increase.
• C) increase, quantity demanded to increase, and quantity supplied to increase.
• D) decrease, quantity demanded to increase, and quantity supplied to decrease.

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Definitions:

Contributory Negligence

A defense to negligence whereby the defendant can escape all liability by proving that the plaintiff failed to act in a way that would protect him or her from an unreasonable risk of harm and that the plaintiff’s negligent behavior contributed in some way to the plaintiff’s accident.

Res Ipsa Loquitur

A legal doctrine that suggests negligence is inferred from the very nature of an accident or injury, in the absence of direct evidence.

Burden Of Proof

The duty of the plaintiff or prosecution to establish a claim or allegation by admissible evidence and to prove that the defendant committed all the essential elements of the crime to the jury’s or court’s satisfaction beyond any reasonable doubt, in order to convict the defendant.

Punitive Damages

Financial compensation awarded to a plaintiff that goes beyond what is necessary to compensate for losses and is intended to punish the defendant for egregious wrongdoing.