-Using the Data in the Table Above,if the Price of a Stapler

question 242

Multiple Choice

-Using the data in the table above,if the price of a stapler is $8,then there is ________ of staplers,and the quantity of staplers demanded ________ the quantity of staplers supplied.

• A) a surplus; is greater than
• B) a surplus; is less than
• C) a shortage; is greater than
• D) a shortage; is less than
• E) neither a surplus nor a shortage; equals

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Definitions:

Incentives

Factors, monetary or non-monetary, that motivate individuals to perform actions that they might not otherwise choose to do.

Efficiently

Achieving a goal or producing output with the minimum amount of waste, expense, or unnecessary effort.

Common Resource

A resource like air or water that is accessible to all but is susceptible to overuse and depletion because it is not privately owned.

Public Good

Goods or services that are made available to the entire society for free, by the government or a private organization or individual, not aimed at generating profit.