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.

Grasp the goal orientation theory and differentiate between various types of goal orientations.

Recognize the physiological needs critical for learning and performance.

Understand how body responds to different types of thirst and the physiological mechanisms behind them.

Identify the sequential order and importance of Abraham Maslow's hierarchy of needs.

---

Definitions:

Current Ratio

The current ratio is a liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year, by comparing current assets to current liabilities.

Balance Sheet

A document highlighting the assets, liabilities, and equity of shareholders of a firm on a given date, illustrating the company's financial health.

Sales On Account

Revenue generated from customers who purchase goods or services on credit, to be paid at a later date.

Cost Of Goods Sold

Expenses specifically arising from the production of the merchandise a business sells, such as labor and materials.