In the Long Run If There Is a Shortage in the Market

question 34

Multiple Choice

In the long run if there is a shortage in the market for a product,the guiding (allocation) function of price can be expected to cause

• A)an increasing shift in the demand for the product.
• B)a decreasing shift in the demand for the product.
• C)an increasing shift in the supply of the product.
• D)a decreasing shift in the supply of the product.

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Definitions:

Authoritative Parenting

A parenting style characterized by high responsiveness and high demands, promoting independence while setting clear standards.

Cultures

The shared practices, values, beliefs, and artifacts that characterize groups of people or societies.

Collectivist

Describes societies or groups where people prioritize the needs and goals of the community over individual desires, often emphasizing strong kinship and group cohesion.

Individualistic

Pertaining to the belief in the primary importance of the individual and personal independence.