Whenever There Is a Shortage at a Particular Price, the Quantity

question 182

Multiple Choice

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:

• A)​the quantity demanded at that price.
• B)​the quantity supplied minus the quantity demanded.
• C)​the quantity supplied at that price.
• D)​(quantity demanded plus quantity supplied)/2.

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Definitions:

Capital Account

An account of a country’s transfer of capital to or from other countries.

Public Land

Land owned by the government for public use or preservation.

Manufacturing Units

Facilities or factories where raw materials are transformed into finished products through the use of machinery, labor, and production processes.

Economies Of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.