If the Electronics Market Is Experiencing a Shortage in the Supply

question 135

Multiple Choice

If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then:

• A)​the selling price is higher than the equilibrium price.
• B)​the equilibrium price is higher than the selling price.
• C)​the quantity demanded is less than the quantity supplied.
• D)​the shortage could be eliminated by lowering the price.

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Definitions:

Electronic Invoice Form

A digital version of a billing document sent by a supplier to a customer, detailing products or services sold and requesting payment.

QuickBooks

An accounting software package developed and marketed by Intuit, aimed at small and medium-sized businesses for managing invoices, expenses, and payroll.

Receive Payment

The process of collecting money from customers against the outstanding amount due for goods sold or services rendered.

Prepare Reports

The process of organizing and presenting financial data and analyses, typically for business decision-making.