If There Is a Shortage of Product X

question 33

Multiple Choice

If there is a shortage of product X:

• A) fewer resources will be allocated to the production of this good in the future.
• 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:

Collection

The act of gathering items or data together, or an assemblage of objects or information.

Ratio

A quantitative relationship between two numbers, showing how many times one value contains or is contained within the other.

Household

A group of people, often a family, who live together in a single dwelling.

Frequency Distribution

The representation, often in graphical form, of the frequencies within a dataset to show how the values in the set are distributed.