-Which of the Following Statements Is Correct

question 20

Multiple Choice

-Which of the following statements is correct?

• A) A shortage and scarcity are the same thing.
• B) A shortage occurs when the quantity demanded is less than the quantity supplied at a price below the market clearing price.
• C) A shortage occurs when the quantity demanded is greater than the quantity supplied at a price below the market clearing price.
• D) A shortage occurs when the quantity demanded is less than the quantity supplied at a price above the market clearing price.

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Definitions:

Tunnel Collapsed

An incident where a tunnel caves in or falls down, often resulting in blockage or the potential for injury and damage.

Business Ethics Obligations

Entail the moral responsibilities and practices companies should follow to ensure fairness, transparency, and integrity in their operations.

Triple Bottom Line

The idea that investors and others should consider not only corporate profits, but also the corporation’s impact on people and on the planet in assessing the firm. (The bottom line is people, planet, and profits.)

Platitudes

Statements that are used too often to be interesting or thoughtful; they are generally lacking in originality or significance.