The existence of a shortage means
A) people are buying more than is available.
B) people cannot buy as much as they plan to buy at the prevailing money price.
C) prices are too high.
D) there is not enough to satisfy everyone's needs.
B
You might also like to view...
If the sellers in the cigarette industry formed a cartel and decided to set price along a straight-line downward-sloping demand curve, which point would they choose if they wanted to gain the highest total revenue?
a. The point nearest the vertical axis, where the price is highest. b. The point nearest the horizontal axis, where quantity demanded is greatest. c. One of the points higher up on the demand curve, where demand is elastic. d. One of the points lower down on the demand curve, where demand is inelastic. e. The point of unit elasticity, in the middle of the demand curve.
Eggs are sold in five different markets. The price for a dozen eggs in market A is $3, in market B price is $1, in market C price is $2, in market D price is $5, and in market E price is $4 . In which market is the market structure most likely to be monopoly?
a. A b. B c. C d. D e. E