Suppose that the table shown shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of:Price($/lb.)Quantity demanded (lbs.)Quantity Supplied (lbs.)$0.1030,0005,000$0.2025,00010,000$0.5020,00020,000$0.7515,00030,000$0.955,00040,000 

Which of the following statements is true?

A) Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions. B) Economic efficiency would be increased if the United States eliminated all of its trade restrictions, but only if all other countries eliminated their trade restrictions too. C) The U. S. economy would gain from the elimination of its tariffs but not from the elimination of its quotas. D) The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.

When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing

a. scarcity. b. shortages. c. inefficiencies. d. inequities.