A Shortage Occurs Whenever

question 247

Multiple Choice

A shortage occurs whenever

• A) quantity demanded exceeds quantity supplied at the equilibrium price.
• B) price is less than equilibrium price.
• C) quantity demanded is less than quantity supplied.
• D) goods are scarce.
• E) some of the people who need the product are not willing and able to buy it at the equilibrium price.

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Definitions:

Patient Protection and Affordable Care Act

Health care reform law passed in 2010 that includes incentives and penalties for employers providing health insurance as a benefit.

Social Security Act

A law enacted to provide for the general welfare by establishing a system of federal old-age benefits, and by enabling states to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws.

Employee Retirement Income Security Act

A federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Family and Medical Leave Act

A U.S. law that provides employees with up to 12 weeks of unpaid, job-protected leave per year for certain family and medical reasons.