If There Is a Shortage in the Market for Automobiles

question 12

Multiple Choice

If there is a shortage in the market for automobiles, then

• A)producers' inventories will rise
• B)the price should begin to rise
• C)the demand curve will shift to restore equilibrium in the market
• D)the supply curve will shift to restore equilibrium in the market
• E)the price is expected to fall

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Definitions:

Irrational

Not logical or reasonable; actions or thoughts that do not follow rational principles.

Reflective Judgment

The process of thinking critically about complex issues, considering multiple perspectives, and making decisions based on reasoned analysis.

Teen Years

The period in human development that occurs between childhood and adulthood, typically between ages 13 and 19.

Twenties

A term often used to describe the decade between 20 and 29 years of age, or the 1920s era known for its unique cultural and social dynamism.