-Refer to Exhibit 3-14

question 204

Multiple Choice

-Refer to Exhibit 3-14.At a price of $13,there is a ____________ of ____________ units of good X.

• A) shortage; 140
• B) shortage; 160
• C) surplus; 140
• D) surplus; 20
• E) surplus; 100

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Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Temporary Assistance

Short-term financial or material aid provided to individuals or families in need to help them cope with emergencies or periods of economic hardship.

Needy Families

Households with insufficient income or resources to meet basic living expenses.

Supplemental Security Income

A United States government program that provides financial aid to elderly, blind, or disabled individuals with little or no income to help them meet basic needs for food, clothing, and shelter.