In economics, the practical application of an invention is known as

Because most gas stations are small relative to the market in which they operate and gasoline is fairly homogeneous, the market for gasoline is considered to be perfectly competitive

Indicate whether the statement is true or false

When will a shortage occur in a market?

a. When the actual price is lower than the equilibrium price b. When quantity supplied is greater than the equilibrium quantity c. When the quantity that consumers are willing and able to purchase decreases d. When the quantity available at zero price is insufficient to meet demand e. When a price floor is set in the market