If, at the current price, there is a shortage of a good, then
a. sellers are producing more than buyers wish to buy.
b. the market must be in equilibrium.
c. the price is below the equilibrium price.
d. quantity demanded equals quantity supplied.
c
You might also like to view...
When a nation chooses to fix or float, it should consider:
A) only its domestic banks, importers, and exporters. B) only whether it has a great deal of economic integration. C) only whether it has similar circumstances in terms of demand or supply shocks with its trading partners. D) both the level of economic integration and the similarity of demand or supply shocks.
According to the principal of comparative advantage a country
A) that produces goods at the lowest absolute cost will export those goods. B) will import goods it can produce at the lowest relative cost. C) will export goods it can produce at the lowest relative cost. D) will only import those goods that it cannot produce for itself.