When There Is a Shortage in the Market, Competition Will

question 90

Multiple Choice

When there is a shortage in the market, competition will:

• A) drive the price down to the equilibrium price.
• B) drive the price up to the equilibrium price.
• C) cause the demand curve to shift right.
• D) cause the supply curve to increase.

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Definitions:

Ethical People

Pertains to individuals who consistently demonstrate morals and values in their decision-making and behaviors.

Ethically Marginal

Situations or practices that are on the border of being considered right or wrong, often challenging moral or ethical boundaries.

Marginally Ethical

Actions or decisions that skirt the boundaries of moral or ethical standards, often causing debate over their propriety or integrity.

Negotiating Tactics

Strategies or methods used to gain an advantageous position during discussions for agreements or disputes.