If There Is a Shortage of a Good, We Would

question 123

Multiple Choice

If there is a shortage of a good, we would expect that as a result

• A)fewer resources will be allocated to the production of the good.
• B)the price of the product will rise.
• C)the price of the product will fall.
• D)the supply curve will shift left and the demand curve will shift right, eliminating the shortage.
• E)the supply curve will shift right and the demand curve will shift left, eliminating the shortage.

Describe self-insurance and other risk management strategies.

Analyze the role and operation of insurance companies within the risk management sector.

Grasp the process and importance of creating a personal insurance program.

Understand the applications of GPS technology in automobile insurance.

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Definitions:

Sucker Effect

A reduction in effort by members of a group based on the perception that others are not making their fair share of effort.

Withhold Effort

Deliberately not giving one's full effort or capability, often in a work context.

Low Cohesiveness

Refers to a lack of unity, solidarity, or agreement among members within a group, which can negatively affect its performance or stability.

Low Conformity

The tendency of an individual or group to resist adhering to the norms or standards of a larger community or society.