If There Was Initially a Shortage in the Market for a Product

question 139

Multiple Choice

If there was initially a shortage in the market for a product, then:

• A) Sellers will drive the price down
• B) Sellers will drive the price up
• C) Buyers will drive the price down
• D) Buyers will drive the price up

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Definitions:

Toll Booth

A checkpoint along a roadway where travelers are required to pay a fee for passage.

Probability

A measure quantifying the likelihood that an event will occur, ranging from 0 (impossible event) to 1 (certain event).

Transponders

Electronic devices that receive and respond to signals automatically, used especially in navigation and communication.

Toll Booth

A station on a bridge, road, or tunnel where travelers pay a fee or toll for access to continue their journey.